# interest

Bryan invests \$500 in an account earning 4% interest that compounds annually. If he makes no additional deposits or withdraws, how much will be in the account:

About how long would it take to double his \$500 investment? Round to one decimal place.

1. 👍 0
2. 👎 0
3. 👁 410
1. no time given for the first part.

2nd part:

500(1.04)^n = 1000
1.04^n = 2
take log of both sides
n log 1.04 = log 2
n = log2/log1.04 = 17.67 years
or n = 17.7 years correct to one decimal

1. 👍 0
2. 👎 0
posted by Reiny

## Similar Questions

1. ### Algebra B

I can't figure this out, please help... A company invests \$15,000.00 in an account that compounds interest annually. After two years, the account is worth \$16,099.44. Use the function in which r is the annual interest rate, P is

asked by Sandra on December 4, 2014

I can't figure this out, please help... A company invests \$15,000.00 in an account that compounds interest annually. After two years, the account is worth \$16,099.44. Use the function in which r is the annual interest rate, P is

asked by Sandra on December 4, 2014
3. ### Algebra Question~!

A company invests \$15,000.00 in an account that compounds interest annually. After two years, the account is worth \$16,099.44. Use the function in which r is the annual interest rate, P is the principle, and A is the amount of

asked by Gabby on May 5, 2014
4. ### Algebra

A company invests \$15,000.00 in an account that compounds interest annually. After two years, the account is worth \$16,099.44. Use the function in which r is the annual interest rate, P is the principal, and A is the amount of

asked by Anonymous on May 8, 2014
5. ### Math

A company invests \$15,000.00 in an account that compounds interest annually. After two years, the account is worth \$16,099.44. Use the function in which r is the annual interest rate, P is the principal, and A is the amount of

asked by carmelo on March 15, 2013
6. ### magh

suppose you put money into teo different bank accounts. In account #1 you deposit \$500 and you will be earning 6% interest compounded quarterly. in account #2 you deposit \$600 and you will be earning 5% interest compounded

asked by Sarah on March 21, 2016
7. ### Can you help me with this math problem? ASAP plz!

Lester deposited \$400 into a savings account earning 4.5% simple interest, and \$450 into an investment account earning 3.2% interest compounded annually. What was the total interest he earned in 3 years? A \$986.00 B \$89.06 C \$9.60

asked by DerpyPegasus33 on December 9, 2014

Lester deposited \$400 into a savings account earning 4.5% simple interest, and \$450 into an investment account earning 3.2% interest compounded annually. What was the total interest he earned in 3 years? A \$986.00 B \$89.06 C \$9.60

asked by DerpyPegasus33 on December 9, 2014
9. ### math

Huan deposited \$850 into a collegesavings account earning 4.8% interestcompounded annually. He also deposited\$850 into a second account earning 4.8%simple interest. He made no additionaldeposits. After 10 years, which account

asked by mr.E on November 17, 2014
10. ### Lat math question for some days. Can y'all help?

Huan deposited \$850 into a college savings account earning 4.8% interest compounded annually. He also deposited \$850 into a second account earning 4.8% simple interest. He made no additional deposits. After 10 years, which account

asked by DerpyPegasus33 on December 9, 2014

More Similar Questions