Ask Question
17 February, 23:05

On your tenth birthday, you received 500 which you invested at 9.5% interest, compounded annually. your investment is worth $2500. how old are you today?

+3
Answers (1)
  1. 18 February, 02:35
    0
    Compounded once a year: A=P (1+r) ^t

    2500=500 (1+0.095) ^t

    1.095^t=5

    because the unknown number is an exponent, use log to find the unknown:

    log (1.095^t) = log5

    tlog1.095=log5

    t=log5/log1.095

    use your calculator, t=17.734

    so this person is about 28 years old.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On your tenth birthday, you received 500 which you invested at 9.5% interest, compounded annually. your investment is worth $2500. how old ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers