SOLUTION: ok I have this word problem that I have been struggling on forever, Its in a college math book for teachers. Here it is: The total value of any sum of money that earns interest at
Question 524270: ok I have this word problem that I have been struggling on forever, Its in a college math book for teachers. Here it is: The total value of any sum of money that earns interest at 9% doubles every 8 years. What amount of money invested now at 9% per year will accumulate to about $120000 in about 40 years? Answer by Alan3354(69443) (Show Source):
You can put this solution on YOUR website! The total value of any sum of money that earns interest at 9% doubles every 8 years. What amount of money invested now at 9% per year will accumulate to about $120000 in about 40 years?
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40 yrs is 5 8-yr periods
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60000 --> 120000
30000 --> 60000
15000 --> 30000
7500 --> 15000
3750 --> 7500
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Start with $3750
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Or,
x = 12000/32
x = $3750
