You invest $6.500 into a mutual fund that is expected to earn 6% per year. How long will it take the fund to earn $13,000?

asked Apr 26, 2019 214k views

5 votes

by Reno

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4 votes

y= $6.500(1.06)^x

13000= $6.500(1.06)^x
2000=(1.06)^x

log 2000 = x log 1.06
x= log 2000/ log 1.06
130 years

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