Question

Jon has $5,000 to invest in a savings account that has interest compounded annually. If he want his money to double in eight years, what percent must the interest rate be on the account?

Answer 1

$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