Answer:
Step-by-step explanation:
A $10,000 deposit at the bank will double in value in 9 years.
If the interest is r% and it is compounded each year, then we can write from the formula of compound interest that
⇒
⇒
⇒ r = 8%
Therefore, the formula for the accumulated amount t years after the investment is made will be
where, P is the invested principal and S is the accumulated sum. (Answer)