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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
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Jan 24, 2018
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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
Mathematics
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Vancalar
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Answer:
C) 14 years
Explanation:
Vigrond
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Jan 24, 2018
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Vigrond
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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
Nellie Danielyan
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Jan 30, 2018
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