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OLEGan [10]
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?

Mathematics
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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Money in a bank triples every 10 years. If $100 is deposited today, what will its value be after 40 years? PLEASE SHOW ME STEP B
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Answer:

d) $8,100

Step-by-step explanation:

Given information:

  • Money triples every 10 years
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  • Number of years invested = 40 years

If the money triples (multiplies by 3) every 10 years,
then in 40 years time it will triple <u>4 times</u>, as 40 ÷ 10 = 4

⇒ Account balance after 40 years = $100 × 3 × 3 × 3 × 3

                                                         = $100 × 3⁴

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<u>Proof</u>

In 10 years time the balance of the account will be:

$100 x 3 = $300

In another 10 years time, the balance of the account will be:

$300 x 3 = $900

In another 10 years time, the balance of the account will be:

$900 x 3 = $2700

In another 10 years time, the balance of the account will be:

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7 0
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3. C

4. D

Step-by-step explanation:

3.

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4.

A quadratic equation has no real roots when the discriminant (\Delta) is negative. \Delta.

Let's try all the equations:

(A)

2x^2-7x-9=0\\\\\Delta=\sqrt{\left(-7\right)^2-4\cdot \:2\left(-9\right)}\\\Delta=\sqrt{\left(-7\right)^2+4\cdot \:2\cdot \:9}\\\Delta=\sqrt{121} \\\Delta=11

(B)

2x^2=7x\\2x^2-7x=0\\x(2x-7)=0\\x=0\\\text{or}\\2x-7=0\\2x=7\\\\

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(C)

2x^2+7x-9=0\\\Delta = \sqrt{7^2-4\cdot \:2\left(-9\right)}\\\Delta = \sqrt{7^2+4\cdot \:2\cdot \:9}\\\Delta = \sqrt{121} \\\Delta= 11

(D)

2x^2-7x+9=0\\\Delta = \sqrt{\left(-7\right)^2-4\cdot \:2\cdot \:9}\\\\\Delta=\sqrt{-23} \\\Delta=\sqrt{23i}

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