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Joy wants to invest $3000 in a savings account. Determine the interest rate (simple interest) required for Joy 's investment to double in value in 18 years. Round your answer to the nearest tenth of a percent.

Respuesta :

The interest rate needed to double the investment in 18 years is  6%.

What is the interest rate?

Interest earned is a function of the amount invested, interest rate and time. The future value of the investment is to be $6000 (3000 x 2). Interest earned would be $3000 (6000 - 3000)

Interest rate = interest earned / (amount invested x time )

$3000 / ($3000 x 18) = 6%

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

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