angryangelevangelist angryangelevangelist

11-11-2019
Mathematics

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The time it takes to double the balance in an account varies inversely with interest rate. If you invest $1,000 at 6% it will take 12 years to double your money. Find the time it will take to double your money at 4 %

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sqdancefan sqdancefan

11-11-2019

Answer:

18 years

Step-by-step explanation:

At 2/3 the interest rate, the doubling time goes up by a factor of 1/(2/3) = 3/2.

(3/2)(12 years) = 18 years

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