Jed deposited $400 into a bank that offers 3.9% interest rate, compounded daily. in how many years will his balance be $800?

18 years ( approx )

Step-by-step explanation:

Since, if an amount is compounded daily,

Then, the final amount after t years is,

Where, P is the principal amount

r is the annual rate ( in decimals ),

t is the number of years,

Given,

A = $ 800,

r = 3.9% = 0.039,

P = $ 400,

By substituting the values,

Hence, his balance will be $800 after approximately 18 years.

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step-by-step explanation: