Ask Question
10 November, 16:49

John has 5,000 to invest in a saving account that has interest compounded annually. If he wants his money to double in 8 years what percent must the interest rate be on the account?

+3
Answers (2)
  1. 10 November, 17:17
    0
    hi

    5 000 * X ^ (8) = 10 000

    x^ (8) = 10 000 / 5000

    x ^ (8) = 2

    x = 2^ (1/8)

    x≈ 1.09

    intrest rate must be 9%
  2. 10 November, 19:43
    0
    Answer: The interest rate is 6.25%

    Step-by-step explanation:

    You have to use the formula interest x 100 / Principal x Time which is 5,000 x 100/8 x 10,000 which will give 6.25%.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “John has 5,000 to invest in a saving account that has interest compounded annually. If he wants his money to double in 8 years what percent ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers