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JamenS

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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  1. Hero
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    Hint: Use compound interest formula

    • one year ago
  2. JamenS
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    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
  3. JamenS
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    y dont u try to explain it to me bkuz clearly his awnser didnt fit

    • one year ago
  4. JamenS
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    -12.6 -11.4 -13.7 -14.1

    • one year ago
  5. Traxter
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    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
  6. JamenS
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    i got 14.1?

    • one year ago
  7. Traxter
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    Could you write out the formula after you substituted in the values please? I got a different answer.

    • one year ago
  8. JamenS
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    wat did u get and how

    • one year ago
  9. Traxter
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    Please write out what you get after you put in the numbers and I'll see where you went wrong.

    • one year ago
  10. JamenS
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    jus explain how u set it up and how u got the awnser....

    • one year ago
  11. Traxter
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    Use the formula I just gave you. 5000(1+0.0625)^n=10000 Do you agree so far?

    • one year ago
  12. JamenS
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    yea

    • one year ago
  13. Traxter
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    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
  14. JamenS
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    logs?

    • one year ago
  15. Traxter
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    Logarithms: \[\log_{1.0625} 2=n\]

    • one year ago
  16. JamenS
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    11.4?

    • one year ago
  17. Traxter
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    Exactly. Do you understand the method or is there something I could help explain?

    • one year ago
  18. JamenS
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    i got it i jus hat trouble figuring out how to input it on my calculator

    • one year ago
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