QuestionIf $\$ 4,500.00$ is placed into an account earning $2.8 \%$ interest compounded amually. how long will it take for the amount in the account to double? Round to one decimal.

Studdy Solution
Calculate the value of $t$ and round to one decimal place.
Using a calculator:
$$t \approx \frac{0.693147}{0.027631} \approx 25.0$$
Therefore, it will take approximately $\boxed{25.0}$ years for the amount to double.