A person invested $200 in an account growing at a rate allowing the money to double every 13 years. How much money would be in the account after 15 years to the nearest dollar

$431

Step-by-step explanation:

Given parameters:

Principal  = $200

Time given for the amount to double  = 13yrs

Unknown:

Amount in the account after 15yrs = ?

Solution:

To solve this problem, we need to find the interest rate on this investment.

    I =

I = interest

P = principal

R = Rate

T = time

 Now,

  if the amount should double,

     Interest earned  = $200

So;

         200  =  

         200  = 26 x R

           R = 7.7%

Now, in 15yrs, this amount will be;

 let us find the interest;

           I  =  

           I = $231

The amount in the account will be:

  Amount  = Principal + Interest

  Amount = $200 + $231  = $431

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step-by-step explanation:

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