Question

You deposit $2,500 in an investment

account. The rate of growth is 4.55% a year.


If you make no further deposits or


withdrawals, and the investment is allowed


to grow uninhibited, how long will it take for


your investment to reach $5,000? Round to


the nearest tenth.

Answer 1

Answer: The correct answer is "15.2 years"

Explanation:

I took the test

Answer 2

22 years

Explanation:

the rate of the increase is $113.75 a year.

• 4.55% of 2500 = 113.75
• 113.75 x 21.98 = 2500.225
• 2500.225 + 2500 = 5000

So it would take if rounded 22 years to reach the goal of $5000.