John has 5,000 to invest in a saving account that has interest compounded annually. If he wants his money to double in 8 years w
hat percent must the interest rate be on the account ?
2 answers:
hi
5 000 * X ^(8) = 10 000
x^(8) = 10 000 / 5000
x ^(8)= 2
x = 2^(1/8)
x≈ 1.09
intrest rate must be 9%
Answer: The interest rate is 6.25%
Step-by-step explanation:
You have to use the formula interest x 100 / Principal x Time which is 5,000 x 100/8 x 10,000 which will give 6.25%.
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