Question

At the age of 8, Roger received an inheritance of $5,000. His father invested the money in an account bearing 6% annual interest. How long will it take for this inheritance to double in value? Round your answer to 2 decimal places.

Answer 1

Answer:

16.66 years

Step-by-step explanation:

100(the percentage that it needs to increase) divided by 6 (the percentage of intrest) You could do 1.0/0.06 but i find it eaiser to do it this way

Answer 2

It will take 33.33 years to double his money.

We have roger who inherited $5000 from his father who invested the money in an account bearing 6% annual interest.

We have to find out how long it would take for this inheritance to double in value.

What is the formula to calculate the Simple Interest on the given amount of principal money ?

The formula to calculate the Simple Interest on a given amount of principal money (x) at the rate of (r%) for a given amount of time (t) is -

$SI =\frac{x \times r \times t}{100}$

In the question given : Simple Interest = 2 x Principal = 2$x$

Hence, the equation becomes -

$2x =\frac{x\times r\times t}{100} \\\\t = \frac{200}{r} \\\\t = \frac{200}{6}$

t = 33.33 years

Hence, it will take 33.33 years to double his money.

To solve more questions on Simple Interest, visit the link below -

https://brainly.com/question/24116913

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