An investor deposits $2000 in a mutual fun that returns 4% at the end of 1...

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An investor deposits $2000 in a mutual fun that returns 4% at the end of 1...

An investor deposits $2000 in a mutual fun that returns 4% at the end of 1 year. Determine the length of time required for the investment to double its value if the annual rate of return remains the same.

How many years will it take for $2000 earning 4% annual interest to grow to at least $4000? Round up to the nearest year as needed.

math algebra

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Answer 1

Answer #1

we know the formula is P = A (itrit Now given P = $ 4 000 A = $2000 & - 4% = 0.04 i t 4000 - 2000 (1+0.04) 2 = (1-04) t 7 ln

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