An investment grows according to the exponential equation y = 15,000 · 1.07x, where x is the number of years invested. Which of

Question

2 years ago

11

An investment grows according to the exponential equation y = 15,000 · 1.07x, where x is the number of years invested. Which of

the following statements is true?
A. The investment will continue to grow at a rate of 7% per year compounded quarterly.
B. The investment will increase by $1050 per year.
C. The investment will more than double within 12 years.
D.The investment will triple within 15 years

Mathematics

1 answer:

Nikolay [14] · Answer 1 · 2022-07-02T12:27:07+03:00

Nikolay [14]2 years ago

5 0

The option c is the answer because
2p=p (1.07)^x
2=1.07^x
Solve for x
X=log(2)÷log(1.07)
x=10 years the amount will be doubled after 10 years
But your option says the investment will (more) than double with (12) years
So it's correct