Does 2,028 estimate to 2,000 or to 2,100
2 answers:
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<h3>Interest rate required for Antonio’s investment to double in value in 12 years is 8.3 % per annum</h3>
<em><u>Solution:</u></em>
Given that,
Antonio wants to invest $7600 in a saving account
Antonio’s investment to double in value in 12 years
To find: Rate of interest
<em><u>The total amount using simple interest is given as:</u></em>
Where,
p is the principal
r is the rate of interest
t is the number of years
From given,
p = 7600
t = 12 years
r = ?
Antonio’s investment to double
Therefore,
A = 2(7600) = 15200
<em><u>Substituting the values we get,</u></em>
Thus interest rate required for Antonio’s investment to double in value in 12 years is 8.3 % per annum