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Andrei [34K]
1 year ago
6

Joy wants to invest $3000 in a savings account. Determine the interest rate (simple interest) required for Joy 's investment to

double in value in 18 years. Round your answer to the nearest tenth of a percent.
Mathematics
1 answer:
Dmitry_Shevchenko [17]1 year ago
4 0

The interest rate needed to double the investment in 18 years is  6%.

<h3>What is the interest rate?</h3>

Interest earned is a function of the amount invested, interest rate and time. The future value of the investment is to be $6000 (3000 x 2). Interest earned would be $3000 (6000 - 3000)

Interest rate = interest earned / (amount invested x time )

$3000 / ($3000 x 18) = 6%

To learn more about simple interest, please check: brainly.com/question/27328409

#SPJ1

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If the probability of observing at least one car on a highway during any 20-minute time interval is 609/625, then the probability of observing at least one car during any 5-minute time interval is 609/2500

Given The probability of observing at least one car on a highway during any 20 minute time interval is 609/625.

We have to find the probability of observing at least one car during any 5 minute time interval.

Probability is the likeliness of happening an event among all the events possible. It is calculated as number/ total number. Its value lies between 0 and 1.

Probability during 20 minutes interval=609/625

Probability during 1 minute interval=609/625*20

=609/12500

Probability during 5 minute interval=(609/12500)*5

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Hence the probability of observing at least one car during any 5 minute time interval is 609/2500.

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