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JamenS
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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
 2 years ago
 2 years ago
JamenS Group Title
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
 2 years ago
 2 years ago

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Hero Group TitleBest ResponseYou've already chosen the best response.0
Hint: Use compound interest formula
 2 years ago

JamenS Group TitleBest 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
 2 years ago

JamenS Group TitleBest ResponseYou've already chosen the best response.0
y dont u try to explain it to me bkuz clearly his awnser didnt fit
 2 years ago

JamenS Group TitleBest ResponseYou've already chosen the best response.0
12.6 11.4 13.7 14.1
 2 years ago

Traxter Group TitleBest 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?
 2 years ago

Traxter Group TitleBest 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.
 2 years ago

JamenS Group TitleBest ResponseYou've already chosen the best response.0
wat did u get and how
 2 years ago

Traxter Group TitleBest 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.
 2 years ago

JamenS Group TitleBest ResponseYou've already chosen the best response.0
jus explain how u set it up and how u got the awnser....
 2 years ago

Traxter Group TitleBest 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?
 2 years ago

Traxter Group TitleBest 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?
 2 years ago

Traxter Group TitleBest ResponseYou've already chosen the best response.0
Logarithms: \[\log_{1.0625} 2=n\]
 2 years ago

Traxter Group TitleBest ResponseYou've already chosen the best response.0
Exactly. Do you understand the method or is there something I could help explain?
 2 years ago

JamenS Group TitleBest ResponseYou've already chosen the best response.0
i got it i jus hat trouble figuring out how to input it on my calculator
 2 years ago
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