Question

Clara invests $5,000 in an account that pays 6.25% interest per year. After how many years will her investment be worth $10,000?
-12.6
-11.4
-13.7
-14.1

Answer 1

Hint: Use compound interest formula

Answer 2

i tired but my awnser is irrevelent to my choices... so idk i need sum1 2 break it down for me, im new to this subject

Answer 3

y dont u try to explain it to me bkuz clearly his awnser didnt fit

Answer 4

-12.6
-11.4
-13.7
-14.1

Answer 5

The compound interest formula is:
FV=PV(1+i)^n
Where FV is the final value, PV is the present value, i is the interest rate and n is the time (in years).
Are you able to try and work towards an answer now?

Answer 6

i got 14.1?

Answer 7

Could you write out the formula after you substituted in the values please? I got a different answer.

Answer 8

wat did u get and how

Answer 9

Please write out what you get after you put in the numbers and I'll see where you went wrong.

Answer 10

jus explain how u set it up and how u got the awnser....

Answer 11

Use the formula I just gave you.
5000(1+0.0625)^n=10000
Do you agree so far?

Answer 12

yea

Answer 13

So divide through by 5000 to get (1.0625)^n=2
Then use logs to find n.
Are you able to finish the question?

Answer 14

logs?

Answer 15

Logarithms:
\[\log_{1.0625} 2=n\]

Answer 16

11.4?

Answer 17

Exactly. Do you understand the method or is there something I could help explain?

Answer 18

i got it i jus hat trouble figuring out how to input it on my calculator