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3 years ago

15

You invest $6500 into a mutual fund that is expected to earn 6% per year. How long will it take the fund to be worth $13,000?

2 answers:

tester [92]3 years ago

8 0

This is a compound interest problem so you cannot use the simple interest formula. Effectively the total amount is being compounded each year by 6%. There is a formula for compound interest but in this simple example you can work this out recursively.

year 1 = 6500
year2 = 6500*1.06 = 6890
year3 = 6890*1.06 = 7303
year4 = 7303*1.06 = 7741..
etc......
year12 = 11604*1.06 = 12338

wariber [46]3 years ago

8 0

6% of 6,500 is 390. It will take over 16 years to reach 13,000. 390 * 16.795 = 6,500.05
So just under 17 years.

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Answer:

The answer is

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Step-by-step explanation:

Equation of a line is y = mx + c

where

m is the slope

c is the y intercept

To write an equation of a line given a point and slope we have

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2 years ago

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Ksenya-84 [330]

<h3>Answer: y = 10</h3>

=====================================

Work Shown:

EI = EG

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