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Kari would like to save $10,000 for a down payment on a house illustrate the difference in years it will take her to double her current $5,000 savings based on a 6%,12%, and 18% interest rate?

Respuesta :

5156321

Answer:

6%=5,300     12%=5,600     18%=5,900

Step-by-step explanation:

That is all I can do based on the info given.

The number of years it would take to double her savings if interest rate is 6% is 11.6 years.

The number of years it would take to double her savings if interest rate is 12% is  5.8 years.

The number of years it would take to double her savings if interest rate is 18% is 3.9 years.

What is the number of years it would take for the investment to double?

The formula that can be used to determine when the savings will double is:

Number of years = (In FV / PV) / r

Where:

  • FV = future value
  • PV = present value
  • r = interest rate
  • FV / PV = 2

(In 2) / 0.06 = 11.6 years

(In 2) / 0.12 = 5.8 years

(In 2) / 0.18 = 3.9 years

To learn more how to calculate the number of years, please check: https://brainly.com/question/21841217

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