Question

Jeremy deposited xxx dollars in his investment account on January 111, 200120012001. The amount of money in the account doubled each year until Jeremy had 480480480 dollars in his investment account on January 111, 200520052005. What is the value of xxx

Answer 1

The value of x is $30.

What is the value of x?

From the question, it can be deduced that Jeremy's investment account earns a compound interest. Compound interest is when the amount invested and the interest that has already accrued increases in value anytime interest is paid.

The formula that can be used to determine the value of x is:

x = FV / (1+r)^t

• FV = Future value = 480
• R = interest rate = 100%
• N = number of years : 2005 - 2001 = 4

X = 480 / (2^4) = $30

To learn more about compound interest, please check: https://brainly.com/question/26367706

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