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4 April, 06:00

Vanessa invested 2500 into an account that will increase in value by 3.5% each year. Find the value of the investment after 20 years

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Answers (2)
  1. 4 April, 07:59
    0
    4974.47

    Step-by-step explanation:

    First, let's convert the percent into a decimal

    3.5% / 100 = 0.035

    Now, let's use that to find the percent it changes over 20 years.

    (1 + 0.035) ^ 20

    (1.035) ^ 20

    1.9898

    Now, we multiply this number by 2,500 to see the value of the investment after 20 years

    1.9898 x 2500 = 4974.47

    If it increases by 3.5% each year, the investment will be worth $4974.47 after 20 years.
  2. 4 April, 09:01
    0
    4974.47

    Step-by-step explanation:

    Vanessa invested 2500 into an account that will increase in value by 3.5% each year. Find the value of the investment after 20 years

    This is an exponential function. To solve this we will use the equation f (x) = a * (b) ^x. Based on the given information we can plug in the values to find f (x). f (x) = (2500) (1+0.035) ^20. This equals to 4974.47215866. Due to there being no more than past the hundreths when dealing with money, this further simplifies to 4974.47.
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