1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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. 
You might be interested in
If (-9, 2) is on the graph of Flx), which point must be on the graph of the
dmitriy555 [2]

Answer:

(2, - 9 )

Step-by-step explanation:

Since 2 is the output when - 9 is input to f(x)

Then reversing the procedure, that is the inverse gives an output of - 9 for an input of 2.

(- 9, 2) is a point on the graph of f(x), then

(2, - 9) is a point on the graph o the inverse function f^{-1}(x)

7 0
3 years ago
Steve and Chris are working together to weed a garden plot. Steve weeded of the plot. Chris weeded of the plot.
Radda [10]
I'm pretty sure its A.
7 0
3 years ago
Read 2 more answers
What is the average of 301,317,167 and 319​
Artemon [7]

Answer:

150658743

Step-by-step explanation:

(301 317 167+319)÷2=150658743

4 0
2 years ago
Write the following numbers in order of size
Anon25 [30]
7/10,.72,75%,4/5,.9 hope this helped
7 0
3 years ago
Read 2 more answers
Let h(t) = -2 · 5t-1 Find h(3).
11Alexandr11 [23.1K]

Answer:

Use the given functions to set up and simplify

h = −31

Step-by-step explanation:

branliest pls

7 0
2 years ago
Read 2 more answers
Other questions:
  • What is the volume of the composite figure?
    9·2 answers
  • Solve the system algebraically. check your work. 2x + 5y = 10 2x + 3y = 6
    7·2 answers
  • Solve the System of Equations:-10x-3y=-18
    7·1 answer
  • Find the point on the y-axis that is equidistant from the points (-3,0) and (3,6).
    5·2 answers
  • A technical machinist is asked to build a cubical steel tank that will hold 410 L of water. Calculate in meters the smallest pos
    7·1 answer
  • 5. (0,0) and (-2,-8) Slope=_ Equation=​
    9·1 answer
  • What is 3 1/2 divided by 4/5?
    7·2 answers
  • Need help for number 4 please
    7·1 answer
  • What is the y intercept in this equation y=3x+7
    12·1 answer
  • HELP! I really have no clue how to do this problem. Please help!
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!