anonymous
  • anonymous
invests $5,000 in an account that pays 6.25% interest per year. After how many years will her investment be worth $10,000?
Mathematics
  • Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
SOLVED
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
chestercat
  • chestercat
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
lgbasallote
  • lgbasallote
sounds like a simple interest problem the formula for simple interest is I = Prt in this case P is $5,000; r is 0.0625; I is $10,000 and you're looking for t so just substitute \[\implies 10,000 = (5,000)(0.0625)t\] divide both sides by 5,000 \[\implies 2 = 0.0625 t\] divide both sides by 0.0625 \[\implies 32 = t\] does that help?
anonymous
  • anonymous
i got 13.7?
lgbasallote
  • lgbasallote
how did you get that?

Looking for something else?

Not the answer you are looking for? Search for more explanations.

More answers

lgbasallote
  • lgbasallote
i showed you how to do it. where did you go wrong?
anonymous
  • anonymous
http://finedrafts.com/files/Larson%20PreCal%208th/Larson%20Precal%20CH1.pdf
Mimi_x3
  • Mimi_x3
Oh no no..i there's a mistake.. IIRC this is the formula: \[A_n = P\left(1+\frac{r}{100}\right)^{n} \] where r(rate) = 6.25 , n= n , P = 5000, A_n = 10 000
Mimi_x3
  • Mimi_x3
so you're finding n which is the year
anonymous
  • anonymous
that's for compound interest @Mimi_x3
Mimi_x3
  • Mimi_x3
Compound interest is found by \(A_n - P\)
Mimi_x3
  • Mimi_x3
well i havent done these in a while tho :/
anonymous
  • anonymous
it's okay @Mimi_x3 page 222 and here's a little chapter http://finedrafts.com/files/Larson%20PreCal%208th/Larson%20Precal%20CH3.pdf
Mimi_x3
  • Mimi_x3
hmm..looks like i have to look back at my notes.. how can you tell the differennce if its simple interest and compound interest? :/
anonymous
  • anonymous
simple interest only allows the principal to accrue by the term, that is the n year(s) or month(s) compound interest is better understood this way: let us say you are given a choice to pick between 1 million dollars or 1 cent and is doubled every day for the next 30 days, which one would you pick?
Mimi_x3
  • Mimi_x3
oohh..i got it..because the 5k does not double up or anyother words you only invest 5k..i made a mistake then sorry
anonymous
  • anonymous
here's why banks can rip you off http://www.al6400.com/blog/2006/07/10/a-penny-doubled-everyday/
anonymous
  • anonymous
14.1??

Looking for something else?

Not the answer you are looking for? Search for more explanations.