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Create an equation to model an investment of 5000 dollars which increases 15% each year. Set up an equation to solve for how long it would take for the investment to double. ( you do not need to solve this problem)

Respuesta :

MarkV
Initial amount = 5000
Interest rate = 1.15
The amount increases exponentially.
Then we get the following equation
[tex]5000 \times 1.15 {}^{t} [/tex]
In this formula t represents time.

The equation of doubling time
[tex]5000 \times 1.15 {}^{t} = 10000[/tex]
[tex]1.15 {}^{t} = 2[/tex]

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