Mathematics: Peggy deposited $83 into a savings account. what interest rate will cause her money to double in approximately 42 years? 1.7% (apex)

Peggy deposited $83 into a savings account. what - id834670152, reagancunningham2004

juelchasse

15.01.2022

Yes, the approximate annual rate is 1.7%

Step-by-step explanation:

Here, the principal amount, P = $ 83,

Time, t = 42 years

Amount after 42 years, A = $ 166

Let the annual rate of interest = r %,

By the compound interest formula,

We can write,

$P(1+\frac{r}{100})^t = A$

$83(1+0.01r)^{42}=166$

$(1+0.01r)^{42}=2$

1+0.01r=1.01664043939

0.01r=0.01664043939

$r=1.664043939\%\approx 1.7\%$

⇒ The annual rate of interest = 1.7% ( Approx )

0,0(0 оценок)

dennisedemirovic20

15.01.2022

A 1.7%

Step-by-step explanation:

A P E X is garbo

0,0(0 оценок)

Kaziyah461

16.08.2022

answer:

100 degrees

step-by-step explanation:

0,0(0 оценок)