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JamenS
 3 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
JamenS
 3 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

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Hero
 3 years ago
Best ResponseYou've already chosen the best response.0Hint: Use compound interest formula

JamenS
 3 years ago
Best ResponseYou've already chosen the best response.0i 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

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

Traxter
 3 years ago
Best ResponseYou've already chosen the best response.0The 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?

Traxter
 3 years ago
Best ResponseYou've already chosen the best response.0Could you write out the formula after you substituted in the values please? I got a different answer.

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

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

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

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

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

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

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