You deposit $1,000 in an account. The account earns 10.5% interest compounded yearly, so after 12 years the value has risen to $3,314. a) Use
You deposit $1,000 in an account. The account earns 10.5% interest compounded yearly, so after 12 years the value has risen to $3,314. a) Use 70 over R appromixation to estimate the doubling time for the account. The value doubles about every ____ years. (Round to nearest tenth of a year) b) The higher the interest rate, the less accurate approximation in part a. Use logs, raxicals, or iretation to calxulate the exact doublig time for the account. The value doubles every ____ years. Round answer to nearest tenth of a year.
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