jala put $600 in an interest - bearing account with a annual compound interest rate of 5%. jala determined…

jala put $600 in an interest - bearing account with a annual compound interest rate of 5%. jala determined that after seven years, she will have a total balance of $844.26. using the rule of 72, t = 72/r. how many more years will it be before jalas $600 doubles in value? round to the nearest tenth. 3.3 years 7.4 years 10.3 years 14.4 years

jala put $600 in an interest - bearing account with a annual compound interest rate of 5%. jala determined that after seven years, she will have a total balance of $844.26. using the rule of 72, t = 72/r. how many more years will it be before jalas $600 doubles in value? round to the nearest tenth. 3.3 years 7.4 years 10.3 years 14.4 years

Answer

Explanation:

Step1: Identify the interest rate

The annual interest rate $r = 5%=0.05$.

Step2: Apply the rule of 72

The rule of 72 formula is $t=\frac{72}{r}$, where $t$ is the time it takes for an investment to double. Substituting $r = 5$ into the formula, we get $t=\frac{72}{5}=14.4$ years. Since 7 years have already passed, we find the remaining time. Let $T$ be the remaining time. Then $T=14.4 - 7$.

Step3: Calculate the remaining time

$T = 14.4-7=7.4$ years.

Answer:

7.4 years