lance placed $5,200 in an investment account with a 6.5% interest rate. After how many years will he double his initial investme

Question

2 years ago

15

nt

1 answer:

AfilCa [17] · Answer 1 · 2023-01-19T22:39:34+03:00

Number of year for Initial investment to be double is 16 year 8 months

Given that;

Initial investment = $5,200

Interest rate = 6.5%

Find:

Number of year for Initial investment to be double

Computation:

Using simple interest formula

A = p + I

So,

2p = p + I

I = P

I = 5,200

So,

I = PRT

5,200 = (5,200)(6%)(T)

5,200 = (5,200)(0.06)(T)

5,200 = (312)(T)

T = 16.667 year

T = 16 year 8 months (Approx.)

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