SOLUTION: Alison deposits $500 into a new savings account that earns 5 percent interest compounded annually. If Alison makes no additional deposits or withdrawals, how many years will it tak
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Question 729539: Alison deposits $500 into a new savings account that earns 5 percent interest compounded annually. If Alison makes no additional deposits or withdrawals, how many years will it take for the amount in the account to double?
Answer by lynnlo(4176) (Show Source): You can put this solution on YOUR website!
FOR THE AMOUT TO DOUBLE IT WILL TAKE 14.2YEARS
TO DOUBLE FROM $500.00 TO$999.67
WHEN YOU ROUND OVER THE .67 IT WILL DOUBLE FROM 500 TO 1000
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