If Sarah invests $5,000 into a fund that earns 6% interest compounded annually, how long will it take for her investment to grow
into $50,000?
About 20 years
About 40 years
About 35 years
About 4 years
1 answer:
Answer:
40
Step-by-step explanation:
so next year her money would be 6% more so:
5000 + (0.6 * 5000) = (1.06) * 5000
So each year she'll have : (1.06)*(last year's money)
So we can say after n years she will have :
((1.06)^n) * 5000
So:
5000((1.06)^n)=50000
n is 39.5
So around 40
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