Kari would like to save $10,000 for a down payment on a house. Illustrate the difference in years it will take her to double her current $5,000 savings based on a 6%, 12%, and 18% interest rate.

Explanation:

The growing of the $10,000 will depend on the number of times the interest is compounded per year.

For didactic purposes, the period of compounding will be annual (once per year)

Formula:

Then:

For r = 6 %, r = 0.06

For r = 12%

For r = 18%

gather the things you’ll need. it’s best to have a parent or guardian to you open an account. the parent or guardian can co-sign your account, which means that they’ll sponsor you. as co-signers, they’ll need to bring two forms of current photo id. if they only have one piece of photo id, their second id may be a current major credit card or gas card.