Answer:
$1280.59
53 years
Step-by-step explanation:
To find how much we will get in 5 years, we use the formula:
P = $1200
r = 1.3% or 0.013
t = 5
Now that we have our values, let's plug them into the formula.
We will have $1280.59 after 5 years.
Now to find how long it will take for our investment to double.
t = ln(A/P)/r
A = 2400
P = 1200
r = 1.3 or 0.013
Let's plug it in.
t = ln(2400/1200)/0.013
t = ln(2)/0.013
t = 53.32 or 53 years