anonymous
  • anonymous
Clara invests $5,000 in an account that pays 6.25% interest per year. After how many years will her investment be worth $10,000? -12.6 -11.4 -13.7 -14.1
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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Hero
  • Hero
Hint: Use compound interest formula
anonymous
  • anonymous
i tired but my awnser is irrevelent to my choices... so idk i need sum1 2 break it down for me, im new to this subject
anonymous
  • anonymous
y dont u try to explain it to me bkuz clearly his awnser didnt fit

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anonymous
  • anonymous
-12.6 -11.4 -13.7 -14.1
anonymous
  • anonymous
The compound interest formula is: FV=PV(1+i)^n Where FV is the final value, PV is the present value, i is the interest rate and n is the time (in years). Are you able to try and work towards an answer now?
anonymous
  • anonymous
i got 14.1?
anonymous
  • anonymous
Could you write out the formula after you substituted in the values please? I got a different answer.
anonymous
  • anonymous
wat did u get and how
anonymous
  • anonymous
Please write out what you get after you put in the numbers and I'll see where you went wrong.
anonymous
  • anonymous
jus explain how u set it up and how u got the awnser....
anonymous
  • anonymous
Use the formula I just gave you. 5000(1+0.0625)^n=10000 Do you agree so far?
anonymous
  • anonymous
yea
anonymous
  • anonymous
So divide through by 5000 to get (1.0625)^n=2 Then use logs to find n. Are you able to finish the question?
anonymous
  • anonymous
logs?
anonymous
  • anonymous
Logarithms: \[\log_{1.0625} 2=n\]
anonymous
  • anonymous
11.4?
anonymous
  • anonymous
Exactly. Do you understand the method or is there something I could help explain?
anonymous
  • anonymous
i got it i jus hat trouble figuring out how to input it on my calculator

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