Question

If david deposits the $3,000 in another saving account that earns 8% interest compounded yearly, how many years will it take to double your balance?

Answer 1

Answer:

After 9 years the balance will be doubled(approximately)

Explanation:

=3,000❌(1+(8/100))9

=3,000❌108/100❌108/100❌108/100❌108/100❌108/100❌108/100❌108/100❌108/100❌108/100

=$5,996.99