The rate of the interest on the account is 5.48%. Then the amount of money after 22 years is $485.10.
What is compound interest?
Compound interest is the interest on a loan or deposit calculated based on the initial principal and the accumulated interest from the previous period.
A person invested $150 in an account growing at a rate allowing the money to double every 13 years.
Then the rate will be
[tex]\begin{aligned} 300 &= 150 (1 + r)^{13}\\\\13 \log (1 + r) &= \log 2\\\\\log (1 + r) &= 0.023156\\\\1 + r &= 1.054766\\\\r &= 0.054766 \approx 0.0548 \end{aligned}[/tex]
Then the amount of money after 22 years will be
[tex]\rm Amount = 150(1 + 0.0548)^{22}\\\\Amount = 150 \times 3.234\\\\Amount = \$ \ 485.1[/tex]
More about the compound interest link is given below.
https://brainly.com/question/25857212
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