Question

Mark has invested $300 at age 16 into a money market account earning 6%. How many times will Mark’s investment double before age 52? What will his investment be worth? What would Mark’s investment be if he had invested at age 28?

Answer 1

Answer:

Rough guide: doubling time in years is 72/interest rate in per cent. 72/6 is 12 so it doubles every 12 years, so in 36 years it will double 3 times.

A=300(1+.06)^36 is the formula. Without rounding, A=$2444.18. That is doubling 3 times or increasing 8 fold (and a little more)

Step-by-step explanation:

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Answer 2

At the agre of 28 he had invested A=$2444.18.

The doubling time in years is 72/interest rate in per cent.

72/6 is 12 so it doubles every 12 years,

So, in 36 years it will double 3 times.

What is the formula for the investment?

The formula of investment is

$A=P(1+r)^{nt}$

$A=300(1+.06)^{36}$

Without rounding, We get,

A=$2444.18.

That is doubling 3 times or increasing 8 fold.

Therefore at the age of 28 he had invested A=$2444.18.

To learn more about the investment visit:

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