If Amelia would like to double her money in twelve years, how much interest does she need to earn? 6 percent 12 percent 10 percent 16.6 percent

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18-04-2017
Mathematics

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If Amelia would like to double her money in twelve years, how much interest does she need to earn? 6 percent 12 percent 10 percent 16.6 percent

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taskmasters taskmasters · Answer 1 · 2017-04-29T05:46:56+02:00

taskmasters taskmasters

29-04-2017

We can assign the value "2x" as the amount of money that Amelia which to achieve in twelve years.
So, his initial money is X.
We can try each percent to test if it could double the amount in 12 years.
x+0.06*12years*x=1.72X
x+0.12*12*x=1.44x
x+0.1*12*x=2.2x
x+0.166*12*x=2.992x

Therefore, the answer is 10 percent.

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