Quantcast

A community for students. Sign up today!

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

JamenS

  • 2 years 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

  • This Question is Closed
  1. Hero
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Hint: Use compound interest formula

  2. JamenS
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 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

  3. JamenS
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    y dont u try to explain it to me bkuz clearly his awnser didnt fit

  4. JamenS
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    -12.6 -11.4 -13.7 -14.1

  5. Traxter
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 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?

  6. JamenS
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i got 14.1?

  7. Traxter
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Could you write out the formula after you substituted in the values please? I got a different answer.

  8. JamenS
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    wat did u get and how

  9. Traxter
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Please write out what you get after you put in the numbers and I'll see where you went wrong.

  10. JamenS
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    jus explain how u set it up and how u got the awnser....

  11. Traxter
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Use the formula I just gave you. 5000(1+0.0625)^n=10000 Do you agree so far?

  12. JamenS
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    yea

  13. Traxter
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 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?

  14. JamenS
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    logs?

  15. Traxter
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Logarithms: \[\log_{1.0625} 2=n\]

  16. JamenS
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    11.4?

  17. Traxter
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Exactly. Do you understand the method or is there something I could help explain?

  18. JamenS
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i got it i jus hat trouble figuring out how to input it on my calculator

  19. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Ask a Question
Find more explanations on OpenStudy

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
  • 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.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.