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23-07-2022
Mathematics

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Kristina wants to invest $6200 in a savings account that pays 7.6% simple interest. How long will it take for this investment to double in value? Round your answer to the nearest tenth.

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ewomazinoade ewomazinoade

25-07-2022

The number of years it would take the investment to double in value is 13.2 years.

How long will it take for the investment to double?

When the amount doubles, the interest earned would be $6200.

Time = interest earned / (amount invested x simple interest)

$6200 / (6200 x 0.076) = 13.2 years

To learn more about simple interest, please check: brainly.com/question/27328409

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