Engineering Economics & Process Analysis 1-You deposit 5000 in a savings account that earns 3% simple interest per year. How long will it take to double your balance? 2-If you deposit 5000 in a savings account that earns 3% interest compounded annually. How long will it take to double your balance?

Introduction to Chemical Engineering Thermodynamics
8th Edition
ISBN:9781259696527
Author:J.M. Smith Termodinamica en ingenieria quimica, Hendrick C Van Ness, Michael Abbott, Mark Swihart
Publisher:J.M. Smith Termodinamica en ingenieria quimica, Hendrick C Van Ness, Michael Abbott, Mark Swihart
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Engineering Economics & Process Analysis

1-You deposit 5000 in a savings account that earns 3% simple interest per year.

How long will it take to double your balance?

2-If you deposit 5000 in a savings account that earns 3% interest compounded annually.

How long will it take to double your balance?

 

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Step 1

Given data:

Principle amount = 5000

Simple interest rate per year = 3 %

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