Question

Rosita invested in a precious mineral. The value of the mineral tends to increase by about 12% per year. She invests $24,000 in 2014.
How much more will her investment be worth in 2025? Enter your answer in the box.

Round to the nearest whole dollar.

HELP!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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Answer 1

Answer:

The Rosita investment worth in 2025 is $83486.4 .

Step-by-step explanation:

The expontential increase function is given by.

$y = a(1 + r)^{t}$

Where a is the initial value , r is the rate of interest in the decimal form and t is the time.

As given

Rosita invested in a precious mineral.

The value of the mineral tends to increase by about 12% per year.

She invests $24,000 in 2014.

As

a = 24000

12% is written in the decimal form.

$= \frac{12}{100}$

= 0.12

r = 0.12

As Rosita invested from 2014 to 2025.

Than

t = 2025 - 2014

t = 11 years

Put in the expontential increase function.

$y = 24000(1 + 0.12)^{11}$

$y = 24000(1.12)^{11}$

y = 24000 × 3.4786 (Approx)

y = $83486.4

Therefore the Rosita investment worth in 2025 is $83486.4 .