Answered

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Carla invests $500 in an account that earns 4% annual interest. In approximately how many years will she have doubled her investment?

A 14

OB. 18

OC 21

OD 24

Sagot :

abidemiokin

Interest is the amount of money added on an amount invested. He have doubled her investment after 18 years

Compound interest

The formula for calculating the compound interest is expressed as

A = P(1+r)^t

Given the following parameters

P = $500

r = 4%= 0.04

A= $1000  (doubled)

Substitute

1000 = 500(1+0.04)^t

2 = 1.04^t

t = ln2/ln1.04

t= 17.67 = 18years

Hence he have doubled her investment after 18 years

Learn more on compound interest here: https://brainly.com/question/24924853

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