Answer:
i need an equation and i am stuck on this one. there is a pattern but i cant figure out what! help me please!!
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Answer:
Given that,
A wealthy businessman invests $10,000.
It expects a 6.75% rate of return annually.
To find: the number of years it take the investment to reach at least $15,000 in value.
Explanation:
we know that,
Amount invested at r% rate of interest after t years is,
where P is the initial investment.
Substitute the values we get,
we get,
we get,
Calculating this we get,
Round to the nearest number of years.
we get,
6 years will it take the investment to reach at least $15,000 in value.
Answer is: 6 years will it take the investment to reach at least $15,000 in value