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JamenS
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invests $5,000 in an account that pays 6.25% interest per year. After how many years will her investment be worth $10,000?
 one year ago
 one year ago
JamenS Group Title
invests $5,000 in an account that pays 6.25% interest per year. After how many years will her investment be worth $10,000?
 one year ago
 one year ago

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lgbasallote Group TitleBest ResponseYou've already chosen the best response.5
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?
 one year ago

JamenS Group TitleBest ResponseYou've already chosen the best response.0
i got 13.7?
 one year ago

lgbasallote Group TitleBest ResponseYou've already chosen the best response.5
how did you get that?
 one year ago

lgbasallote Group TitleBest ResponseYou've already chosen the best response.5
i showed you how to do it. where did you go wrong?
 one year ago

panlac01 Group TitleBest ResponseYou've already chosen the best response.1
http://finedrafts.com/files/Larson%20PreCal%208th/Larson%20Precal%20CH1.pdf
 one year ago

Mimi_x3 Group TitleBest ResponseYou've already chosen the best response.0
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
 one year ago

Mimi_x3 Group TitleBest ResponseYou've already chosen the best response.0
so you're finding n which is the year
 one year ago

panlac01 Group TitleBest ResponseYou've already chosen the best response.1
that's for compound interest @Mimi_x3
 one year ago

Mimi_x3 Group TitleBest ResponseYou've already chosen the best response.0
Compound interest is found by \(A_n  P\)
 one year ago

Mimi_x3 Group TitleBest ResponseYou've already chosen the best response.0
well i havent done these in a while tho :/
 one year ago

panlac01 Group TitleBest ResponseYou've already chosen the best response.1
it's okay @Mimi_x3 page 222 and here's a little chapter http://finedrafts.com/files/Larson%20PreCal%208th/Larson%20Precal%20CH3.pdf
 one year ago

Mimi_x3 Group TitleBest ResponseYou've already chosen the best response.0
hmm..looks like i have to look back at my notes.. how can you tell the differennce if its simple interest and compound interest? :/
 one year ago

panlac01 Group TitleBest ResponseYou've already chosen the best response.1
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?
 one year ago

Mimi_x3 Group TitleBest ResponseYou've already chosen the best response.0
oohh..i got it..because the 5k does not double up or anyother words you only invest 5k..i made a mistake then sorry
 one year ago

panlac01 Group TitleBest ResponseYou've already chosen the best response.1
here's why banks can rip you off http://www.al6400.com/blog/2006/07/10/apennydoubledeveryday/
 one year ago
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