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3 years ago

Approximately how many years will it take $3000 to double if it is invested in an account that pays 3%

Mathematics

1 answer:

Anna71 [15]3 years ago

6 0

Answer:

24 years

Step-by-step explanation:

Total = start*(1 + interest rate / amount of times compounded per month)^(years*amount of compounds per year)

6000 = 3000*(1+0.03/4)^(4x)

6000 = 3000* ((403/400)^4)^x

2 = ((403/400)^4)^x

x = log base-((403/400)^4) of 2 = x

x = 23.19

rounding down 23 years (but you probably want a year over that to get at least 6000, so 24)

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