Got Homework?
Connect with other students for help. It's a free community.
Here's the question you clicked on:
 0 viewing
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
 one year ago
 one year 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
 one year ago
 one year ago

This Question is Closed

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

JamenS Group TitleBest ResponseYou've already chosen the best response.0
12.6 11.4 13.7 14.1
 one year 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?
 one year ago

JamenS Group TitleBest ResponseYou've already chosen the best response.0
i got 14.1?
 one year 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.
 one year ago

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

Traxter Group TitleBest ResponseYou've already chosen the best response.0
Logarithms: \[\log_{1.0625} 2=n\]
 one year 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?
 one year 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
 one year ago
See more questions >>>
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.