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ra1l [238]
3 years ago
5

Jon has $5,000 to invest in a savings account that has interest compounded annually. If he want his money to double in eight yea

rs, what percent must the interest rate be on the account?
Mathematics
1 answer:
Nataly_w [17]3 years ago
6 0
$5000 × 1.1%=$55

$55 × 12 mos. in a year= $660 yearly on this percent

calculate
$660 × 8 years from now =$5280

so the answer would be 1.1% I assume
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