Question

If a bank account doubles in size every 5 years, then by what percent does it grow after only 3 years? Round to the nearest tenth of a percent. Hint: First write an expression that would calculate its growth rate after a single year.

Answer 1

Answer:

Step-by-step explanation:

Alright, let get started.

Suppose the initial deposit in account = x

After five years, this accounts get doubled means  = 2x

Means in 5 years , the growth = $2x-x = x$

So, in 1 year, the growth will be = $\frac{x}{5}$

So, in 3 years, the growth will be = $\frac{x}{5}*3=\frac{3x}{5}$

So percent grwoth will be = $\frac{\frac{3x}{5}}{x}*100 = 60$

Hence percentage growth is 60 %.    :  Answer

Hope it will help :)