Byron deposits 13,500 in an account that earns 2.6% interest compounded monthly. How many years will it take for Byron's money to double if he does not deposit or withdraw any funds during that time?

About 27 years.

Step-by-step explanation:

Byron deposits $13,500 in an account that earns 2.6% interest compounded monthly, and we want to determine how many years it will take for Byron's money to double.

Recall that compound interest is given by the formula:

Since our initial deposit is $13,500 at a rate of 2.6% compounded monthly, P = 13500, r = 0.026, and n = 12:

For his deposit to double, A must equal $27,000. Hence:

Solve for t:

In conclusion, it will take Byron about 27 years for his deposit to double.

the answer is 200

step-by-step explanation:

the way the question is worded, it seems to imply the $264 interest is simple interest, not compound interest.

the simple interest for 2 years is $264; the simple interest for 1 year is $132.

$132 interest on a $600 investment means an interest rate of (132/600)*100 = 22%.

the value of $200 at 22% interest compounded annually for three years is

200%281.22%29%5e3

the amount of interest is that value, minus the original $200.

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step-by-step explanation: