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Jon has $5,000 to invest in a savings account that has interest compounded annually. If he want his money to double in eight years, what percent must the interest rate be on the account?

Respuesta :

ksgraham2017
$5000 × 1.1%=$55

$55 × 12 mos. in a year= $660 yearly on this percent

calculate
$660 × 8 years from now =$5280

so the answer would be 1.1% I assume
meadorolivia

Answer:

9.05%

Step-by-step explanation:

edge2021

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