Answer :
It takes 38 years for the invested amount to reach a value of $7600.
Step-by-step explanation:
It is given that,
- The invested amount in the account is $2,200.
- The money gets doubled every 11 years.
Therefore, it is determined that $2,200 will become $4,400 at the end of 11 years.
The increase of money in one year must be calculated in order to find how long it takes to reach the value of $7,600.
Money increased in 1 year = Invested amount in the account / 11 years
⇒ 2200 / 11
⇒ 200 dollars.
In 1 year, the amount the is increased by $200.
To find the number of years it takes to reach $7,600 :
Number of years = Total amount / money increasing each year.
⇒ 7,600 / 200
⇒ 38 years.
It takes 38 years for the invested amount to reach a value of $7600.