Question

a person invested $7400 in an account growing at a rate allowing the money to double every 13 years. how much money would be in the account after 11 years, to the nearest dollar?

Answer 1

Answer:

$13,304

-We use the compound interest function to determine the rate of growth.

-Given that the amount doubles in 13 years, the annual growth  rate is calculated as:

We now substitute this value of i in the compound interest formula equation to solve for future value:

Hence, the future value to the nearest dollar is $13,304

*You can alternatively use the exponential growth function:

This is slightly off by just $1

Step-by-step explanation: