A person invested $5,500 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

$10,154

Step-by-step explanation:

A person invested $5,500 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

Step 1

We calculate the rate.

A person invested $5,500 in an account growing at a rate allowing the money to double every 13 years.

The double of $5,500 = $11,000

Hence,

A = Amount after t years = $11,000

P = Principal = $5,500

Time = 13 years

Rate =??

Formula to find rate =

Equation:

r = (1/t)(A/P - 1)

Solving our equation:

r = (1/13)((11000/5500) - 1) = 0.07692308

r = 0.07692308

Converting r decimal to R a percentage

R = 0.07692308 * 100 = 7.6923%/year

Approximately = 7.69%

Step 2

How much money would be in the account after 11 years, to the nearest dollar

We solve for A

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 7.6923%/100 = 0.076923 per year.

Solving our equation:

A = 5500(1 + (0.076923 × 11)) = 10153.8415

A = $10,153.84

Approximately = $10,154

Therefore, there would be $10,154 left in the account after 11 years.

answer:   rlly

step-by-step explanation: