brincessjenelle
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if a bank account doubles in size every 5 years, then by what percent does it grown after only 3 years ? Round to the nearest tenth of a percent. Hint : First write an expression that would calculate its growth rate after a single year.

Help please !

Respuesta :

Answer:


Step-by-step explanation:

Given that a bank account doubles in size every 5 years.

Let P be the principal amount and growth rate = r

Then we have Amount after 1 year = [tex]Pe^{r}[/tex]

Similarly after 5 years amount will be

[tex]Pe^{5r}=2P[/tex].

Cancel P to get

[tex]e^{5r}=2[/tex].

Take log to get

5r = ln 2 Or r = 0.1386

=13.86% per annum

to find the percent of growth in 3 years

In three years

[tex]Pe^{3r}[/tex] = 1.516P

Hence growth rate is 1.516 times in 3 years.

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