If a bank account doubles in size every 5 years, then by what percent does it grown after only 3 years ? round to the nearest tenth of a percent. hint : first write an expression that would calculate its growth rate after a single year.!

Step-by-step explanation:

Given that a bank account doubles in size every 5 years.

Let P be the principal amount and growth rate = r

Then we have Amount after 1 year =

Similarly after 5 years amount will be

.

Cancel P to get

.

Take log to get

5r = ln 2 Or r = 0.1386

=13.86% per annum

to find the percent of growth in 3 years

In three years

= 1.516P

Hence growth rate is 1.516 times in 3 years.

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step-by-step explanation: