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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
 one year ago
 one year ago
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
 one year ago
 one year ago

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HeroBest ResponseYou've already chosen the best response.0
Hint: Use compound interest formula
 one year ago

JamenSBest ResponseYou've already chosen the best response.0
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
 one year ago

JamenSBest ResponseYou've already chosen the best response.0
y dont u try to explain it to me bkuz clearly his awnser didnt fit
 one year ago

JamenSBest ResponseYou've already chosen the best response.0
12.6 11.4 13.7 14.1
 one year ago

TraxterBest ResponseYou've already chosen the best response.0
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?
 one year ago

TraxterBest ResponseYou've already chosen the best response.0
Could you write out the formula after you substituted in the values please? I got a different answer.
 one year ago

TraxterBest ResponseYou've already chosen the best response.0
Please write out what you get after you put in the numbers and I'll see where you went wrong.
 one year ago

JamenSBest ResponseYou've already chosen the best response.0
jus explain how u set it up and how u got the awnser....
 one year ago

TraxterBest ResponseYou've already chosen the best response.0
Use the formula I just gave you. 5000(1+0.0625)^n=10000 Do you agree so far?
 one year ago

TraxterBest ResponseYou've already chosen the best response.0
So divide through by 5000 to get (1.0625)^n=2 Then use logs to find n. Are you able to finish the question?
 one year ago

TraxterBest ResponseYou've already chosen the best response.0
Logarithms: \[\log_{1.0625} 2=n\]
 one year ago

TraxterBest ResponseYou've already chosen the best response.0
Exactly. Do you understand the method or is there something I could help explain?
 one year ago

JamenSBest ResponseYou've already chosen the best response.0
i got it i jus hat trouble figuring out how to input it on my calculator
 one year ago
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