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25 points no cap you have $1000 to invest in an account and need to have $2000 in one year. what interest rate would you need to have in order to have this if the amount is compounded weekly? round your answer to the nearest percent. 1% 2%

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Answer:

Assuming that the interest rate is equal to 4% and it is compounded yearly. Find the number of years after which the initial balance will double. The given values are as follows: the initial balance P is $1,000 and final balance FV is 2 * $1,000 = $2,000 , and the interest rate r is 4%.

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