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dit View Insert Format Font Tools Table Window Help 330 hw 1.docx ! 88% Search in Document Text Box Shape Picture Themes What is the approximate annual interest rate compounded annually if your money will double in 8 years if it is put in a savings account? rest c MacBook Air 2 3 4 5 7
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Answer #1

Answer:

The formula for calculating Annual interest rate:

(2/1)^(1/n) - 1

Calculation:

= (2/1)^(1/8) - 1

= 0.090507732 * 100

= 9.05%

Annual interest rate = 9.05%

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