Suppose $100 dollars is deposited into an account and the account doubles every 8 years . How much will in the account after 40years ?
Mathematics · High School · Tue Nov 03 2020
Answered on
Given the statement:
$100 dollars is deposited into an account and the account doubles every 8 years.
Determine how much will be in the account after 40 years.
Solution:
Divide 40 by 8 then we double the amount that times.
= 40/8
= 5
8th year= 100(2)
8th year =200
16th year = 200(2)
16th year = 400
24th year = 400(2)
24th year = 800
32nd year = 800(2)
32nd year = 1600
40th year = 1600 (2)
40th year = $3200
Final answer:
The amount after 40 years is $3200