A sum of $5000 is invested at an interest rate of 5% per year. Find the time required for the money to double if the interest is
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Using an exponential function, it is found that the value of David's Investment will be at least $415 after a period of 20 years.
<h3>What is an exponential function?</h3>An increasing exponential function is modeled by:
In which:
- A(0) is the initial value.
- r is the growth rate, as a decimal.
In this problem, the initial value and the growth rate for his investment are given by:
A(0) = 230, r = 0.03.
Hence, the value after t years is given by:
Then, the value will be of at least $415 when:
More can be learned about exponential functions at brainly.com/question/25537936
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