How long does it take to double a $1,000 investment that pays 6.5% annual interest, compounded monthly?
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Answer:
73,205 vinyls
Step-by-step explanation:
To calculate the number of vinyls sold we need to calculate the compounded increase. To do this we simply raise the number of times that the initial value increases by the number of difference in years from the start to the current year. Then we multiply this number by the initial number of vinyl records. Since there are 4 years between 2012 and 2016, the formula would be the following...
50,000 * = x
50,000 * 1.4641 = x
73,205 = x
Finally, we can see that there will be a total of 73,205 vinyls in 2016