A community for students.
Here's the question you clicked on:
 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?
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?

This Question is Closed

Hares333
 2 years ago
Best ResponseYou've already chosen the best response.1I think the interest is compounded yearly, if so A = $10000 P = $5000 r = 6.25% = 0.0625 A = P (1+r/100)^t where t denotes time in years 10000 = 5000 (1+0.0625)^t 10000/5000 = 1.0625^t 2 = 1.0625^t Use logarithms or a scientific calculator t = 11.5 In 11.5 years $5000 investment be worth of $10000 >>>>>>>>>>>>> In case the interest is simple interest Interest = Amount  Principal = $10000$5000 = $5000 Time = 100*Interest / (Principal*Rate = 100*5000 / (5000*6.25) = 16 years In 16 years $5000 investment be worth of $10000 http://answers.yahoo.com/question/index?qid=20110307213635AAdjbxo
Ask your own question
Sign UpFind 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
 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.