Ren sets aside $1,000 into an online savings account with an annual interest rate of 2.3%, compounded annually. How long will it take for the

money in his account to double?

It will take 30.48 for the money in his account to double.

Step-by-step explanation:

Interest compounded anually:

With an investment of P, the amount compounded annualy after t years that you will have is given by:

In which r is the interest rate, as a decimal.

Ren sets aside $1,000 into an online savings account with an annual interest rate of 2.3%

This means that . So

How long will it take for the money in his account to double?

This is t for which A(t) = 1000*2 = 2000. So

It will take 30.48 for the money in his account to double.

step-by-step explanation:

the original amount doesn't ''re just looking for the time it takes for 1/2 of the substance to we have

(1/2) =)     take the ln   of both sides

ln (1/2)   = )   and we can write

ln(1/2) = ) lne     and lne   = 1     so we have

ln(1/2) = -.1092t     divide both sides by -.1092

t = ln(1/2)/-.1092 = about 6.347 days = about 6.3 days (rounded)