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Emilio invested in a different crypto currency that provided a 70% return annually. If he invested $1,000 and yielded $4,913, how long did he invest

Answer :

Emilio invested for approximately 3 years to yield $4,913 with a 70% annual return.

How to find how long did he invest

To find out how long Emilio invested to yield $4,913 from a $1,000 investment at a 70% annual return, you can use the formula for compound interest:

A = [tex]P(1 + r/n)^{(nt)}[/tex]

Where:

- A is the final amount ($4,913 in this case).

- P is the principal amount (initial investment, which is $1,000).

- r is the annual interest rate (70% or 0.70 as a decimal).

- n is the number of times the interest is compounded per year (assuming it's compounded annually, n = 1).

- t is the time in years (which is what we want to find).

Now, plug in the values and solve for t:

$4,913 = $1,000[tex](1 + 0.70/1)^{(1*t)}[/tex]

Divide both sides by $1,000:

[tex]4.913 = (1 + 0.70)^t[/tex]

Now, isolate the exponential part:

[tex](1 + 0.70)^t = 4.913[/tex]

To solve for t, you can take the natural logarithm (ln) of both sides:

[tex]ln[(1 + 0.70)^t] = ln(4.913)[/tex]

Use the properties of logarithms to bring down the exponent:

t * ln(1.70) = ln(4.913)

Now, solve for t by dividing both sides by ln(1.70):

t = ln(4.913) / ln(1.70)

Use a calculator to find the approximate value of t:

t ≈ ln(4.913) / ln(1.70) ≈ 3.0 years

So, Emilio invested for approximately 3 years to yield $4,913 with a 70% annual return.

Learn more about compound interest at https://brainly.com/question/28020457

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