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.

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asked by jane
  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

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    posted by Reiny

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