Kelly is hanging shelves in her closet. She can buy shelves for $1.25 a foot. Kelly buys one 5-foot shelf and a shelf that measu
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Answer:
The interest needed to reach that value of $6000 is 2.75%
Step-by-step explanation:
Given as :
The principal that invested in mutual fund = p = $4000
The time period = t = 15 years
The Amount after 15 years = A = $6000
Let The interest needed to reach that value = r%
Now, According to question
<u>From Compound Interest method</u>
Amount = principal ×
Or, A = p ×
Or, $6000 = $4000 ×
or, =
Or, =
or, 1.5 =
or, =
or, 1.0275 =
or, 1.0275 - 1 =
or, 0.0275 =
∴ r = 0.0275 × 100
I.e r = 2.75
So, The interest needed to reach that value = r = 2.75%
Hence,The interest needed to reach that value of $6000 is 2.75% Answer