jeremycrespo2002 jeremycrespo2002

22-02-2022
Mathematics

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Leni opened a savings account that pays 0.8% interest, compounded quarterly. Her initial deposit was $50. How long would she have to leave the money in the account for it to double?

Respuesta :

ewomazinoade ewomazinoade

03-03-2022

The number of years it would take the money to double is 86.6 years.

What is the time it would take the deposit to double in value?

Number of years = (In fv / pv) / r

Where:

FV = future value
PV = present value
r = interest rate
FV / PV = 2

IN 2 / 0.008 = 86.6 years

To learn more about how to determine the number of years, please check: https://brainly.com/question/21841217

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