Create an equation to model an investment of 5000 dollars which increases 15% each year. Set up an equation to solve for how long it would take for the investment to double. ( you do not need to solve this problem)
Initial amount = 5000 Interest rate = 1.15 The amount increases exponentially. Then we get the following equation [tex]5000 \times 1.15 {}^{t} [/tex] In this formula t represents time.
The equation of doubling time [tex]5000 \times 1.15 {}^{t} = 10000[/tex] [tex]1.15 {}^{t} = 2[/tex]
