Question

1. Sophie invested $5,000 into an account that will increase 2.3% each year. Find the value of the investment after 15 years.

2. Sophie invested $5,000 into an account that will increase 2.3% each year. After hour many years will the account have a balance of $10,000? Round to the nearest year.

3. Sophie invested $5,000 into an account that will increase 2.3% each year. How much interest did she earn after 15 years?

Answer 1

1. End amount, after 15 year would be $7,032.42

2. It would take around 30 years

3. After 15 years the interest she would've earn will amount to $2,032.42

Answer 2

1. about 7032.42 dollars

Explanation:

The equation would be 5000*(1.23)^15, which would result in the really long number 7032.415298, which would simplify to $7032.42.