Answered

IDNLearn.com: Where your questions meet expert advice and community insights. Whether your question is simple or complex, our community is here to provide detailed and trustworthy answers quickly and effectively.

Carla invests $500 in an account that earns 4% annual interest. In approximately how many years will she have doubled her investment?

A 14

OB. 18

OC 21

OD 24

Sagot :

Abidemiokinidn

Interest is the amount of money added on an amount invested. He have doubled her investment after 18 years

Compound interest

The formula for calculating the compound interest is expressed as

A = P(1+r)^t

Given the following parameters

P = $500

r = 4%= 0.04

A= $1000  (doubled)

Substitute

1000 = 500(1+0.04)^t

2 = 1.04^t

t = ln2/ln1.04

t= 17.67 = 18years

Hence he have doubled her investment after 18 years

Learn more on compound interest here: https://brainly.com/question/24924853

#SPJ1

We are happy to have you as part of our community. Keep asking, answering, and sharing your insights. Together, we can create a valuable knowledge resource. For dependable and accurate answers, visit IDNLearn.com. Thanks for visiting, and see you next time for more helpful information.