Leo is buying a shirt for his grandfather for his upcoming birthday. The shirt cost $34.50 and a 6.5% sales tax is applied. How
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Answer:
It takes 75 years for the investment to quadruple in value
Step-by-step explanation:
Simple Interest
This is a simple interest problem.
The simple interest formula is given by:
In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
After t years, the total amount of money is:
In this question:
4% simple interest per year, so I = 0.04.
Quadruple:
t when T = 4P.
The interest earned is:
Now we find the time.
It takes 75 years for the investment to quadruple in value