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A person invested $3,700 in an account growing at a rate allowing the money to double every 6 years. How much money would be in the account after 14 years, to the nearest dollar?

Respuesta :

Given :

The principal = 3,700

Assume a simple interest

The account growing at a rate allowing the money to double every 6 years.

So,

[tex]\begin{gathered} I=P\cdot r\cdot t \\ I=P \\ 3700=3700\cdot r\cdot6 \\ r=\frac{1}{6} \end{gathered}[/tex]

How much money would be in the account after 14 years, to the nearest dollar?​

So, we will substitute with r = 1/6, t = 14 years

So,

[tex]\begin{gathered} I=3700\cdot\frac{1}{6}\cdot14=8633.33 \\ \\ A=P+I=8633.33+3700=12333.33 \end{gathered}[/tex]

Rounding to the nearest dollar

So, the answer will be $12,333