SOLUTION: Jordan has invested $4000 in an account that earns 3.6% compounded annually. Approximately how many years will it take for his money to double
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Question 1141069: Jordan has invested $4000 in an account that earns 3.6% compounded annually. Approximately how many years will it take for his money to double
Found 2 solutions by greenestamps, josgarithmetic:
Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!
The initial amount is irrelevant. We simply want to know when the original amount doubles.
The annual growth factor is 1 plus 3.6%, or 1.036. The growth factor after n years is (1.036)^n. We want to know when the growth factor reaches 2:
Use logarithms and/or a graphing calculator.
Answer by josgarithmetic(39617) (Show Source): You can put this solution on YOUR website!
Compounded ANNUALLY.
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, close to 20 is better.
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