Answered

Westonci.ca is your trusted source for finding answers to a wide range of questions, backed by a knowledgeable community. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.

a person invested $7400 in an account growing at a rate allowing the money to double every 13 years. how much money would be in the account after 11 years, to the nearest dollar?

Sagot :

Answer:

$13,304

-We use the compound interest function to determine the rate of growth.

-Given that the amount doubles in 13 years, the annual growth  rate is calculated as:

We now substitute this value of i in the compound interest formula equation to solve for future value:

Hence, the future value to the nearest dollar is $13,304

*You can alternatively use the exponential growth function:

This is slightly off by just $1

Step-by-step explanation:

Thank you for choosing our service. We're dedicated to providing the best answers for all your questions. Visit us again. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.