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skad [1K]
3 years ago
9

Jessica is considering putting $50 into a money market account that pays a 4 percent annual interest rate. It will take year(s)

for the money to double to $100.
Business
1 answer:
Basile [38]3 years ago
3 0

Answer:

18 years

Explanation:

We can apply the future value formula as below

A = P x ( 1 + r) ^ n

where A is the amount: $100

P= principal amount : $50

r=4% or 0.04

n = ??

Therefore

$100 = $50 x ( 1+ 0.04)^n

$100 = $50( 1.04)^n

1.04^n =$100/$50

1.04^n= 2

n =log 2/ log 1.04

n=0.30102999/0.0170333

n=17.67 years

=18 years

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Answer:

Option (d) is correct.

Explanation:

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