If $6,000 is placed in an account with an annual interest rate of 3.5%, how long will it take the amount to quadruple if the interest is compounded annually? Round your answer to two decimal places.

Question

Mathematics

Milagros Rowland

26 July, 23:59

If $6,000 is placed in an account with an annual interest rate of 3.5%, how long will it take the amount to quadruple if the interest is compounded annually? Round your answer to two decimal places.

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Averie Robertson · Answer 1

To calculate the amount after 1 year multiply by 1.035 for each year

e. g. in the first year 6000*1.035 = 6210

after second year 6210*1.035 = ...

keep doing that till you get a number equal or greater than 24000, however many times you multiply by 1.035 is how many years it will take