Question

PLEASEEEEEE HELPPPP

Briana invested $12,500 into a fund that is expected to grow by 5.25% per year. How long with it take the fund to be worth $25,000? Round to the nearest year.

A) 2 years B) 12 years C) 14 years D) 10 years

Answer 1

C) 14 years

Explanation:

Answer 2

This is just like an exponential growth equation...

Final=initial*rate^periods

25000=12500(1.0525)^t

2=1.0525^t

ln2=t ln1.0525

t=ln2/ln1.0525

t=13.55

t=14 yrs