An initial investment of $10,000 grows at 11% per year.

8. Write an exponential function for the value, y, after x years.

9. When will the investment be more than $150000?

Question

Mathematics

Kamora Lynn

30 November, 07:06

An initial investment of $10,000 grows at 11% per year.

8. Write an exponential function for the value, y, after x years.

9. When will the investment be more than $150000?

+5

Answers (1)

Know the Answer?

Annabella Ramos · Answer 1

Hi,

with compound interest:

1) y = 10 000 * 1.11^x

2) 10 000 * 1.11^x = 150 000

1.11^x = 150 000 / 10 000

1.11^x = 15

x = ln (15) / ln (1.11)

x ≈ 26 years

An initial investment of $10,000 grows at 11% per year.8. Write an exponential function for the value, y, after x years.9. When will the investment be more than $150000?

An initial investment of $10,000 grows at 11% per year.

8. Write an exponential function for the value, y, after x years.

9. When will the investment be more than $150000?