Jon has $5,000 to invest in a savings account that has interest compounded annually. If he wants his money to double in eight years, what percent must the interest rate be on the account?
+37093 He will be looking at this scenario
10,000 = 5000 (1+i)^8
10000/5000 = (1+i)^8
2 = (1+i)^8 take the 8th root of both sides
1.0905 = 1 + i
.0905 = i or 9.05 % annual compounded annually
