An initial investment of $1000 grows at an interest rate of 4% per year. How long will it take that investment to reach $1,500?

Question

3 years ago

11

An initial investment of $1000 grows at an interest rate of 4% per year. How long will it take that investment to reach $1,500?

Assume that you make no further deposits or withdrawals from the investment account. Round to the nearest tenth of a year.
a. 12.6 years
b. 5.4 years
c. 9.8 years
d. 10.3 years

Mathematics

1 answer:

ivanzaharov [21] · Answer 1 · 2022-06-06T22:24:28+03:00

ivanzaharov [21]3 years ago

3 0

The answer your looking for is B because when you multiply the 1000 by 4 you get 5.4