Mathematics, 06.11.2019 17:31 jessicaisbaehood
At what interest rate(to the nearest hundredth of a percent) compounded annually will money in savings double in five years
Answers: 3
![\bf 2=1\left(1+\frac{r}{1}\right)^{1\cdot 5}\implies 2=(1+r)^5\implies \sqrt[5]{2}=1+r \\\\\\ \sqrt[5]{2}-1=r\implies 0.148698\approx r\implies \stackrel{\textit{converting to \%}}{0.148698\cdot 100\approx r\%}\implies 14.8698\approx r \\\\[-0.35em] \rule{34em}{0.25pt}\\\\ ~\hfill \stackrel{\textit{rounded up}}{14.87=r}~\hfill](/tpl/images/0362/2208/83d52.png)
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