We appreciate your visit to You plan to invest in securities that pay 9 7 compounded annually If you invest 5 000 today how many years will it take for. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
It will take approximately- D. 3.63 years for the investment to grow to $7,242.60.
How to find?
Given that the interest rate is 9.7% compounded annually, the initial investment is $5,000 and the final value is $7,242.60.
We need to find how many years it will take for the investment to grow to $7,242.60. We can use the following formula to solve for time:T = log(PV/FV) / log(1 + r)where, T is the time in years, PV is the present value, FV is the future value, r is the annual interest rate (as a decimal).
The values for the given variables are as follows: PV = $5,000FV = $7,242.60r = 9.7% or 0.097Substituting these values in the above formula, we get: T = log(5000/7242.60) / log(1 + 0.097)T ≈ 3.63 years.
Therefore, it will take approximately 3.63 years for the investment to grow to $7,242.60.
Option (d) 3.63 years is the correct answer.
To know more on investment visit:
https://brainly.com/question/15105766
#SPJ11
Thanks for taking the time to read You plan to invest in securities that pay 9 7 compounded annually If you invest 5 000 today how many years will it take for. We hope the insights shared have been valuable and enhanced your understanding of the topic. Don�t hesitate to browse our website for more informative and engaging content!
- Why do Businesses Exist Why does Starbucks Exist What Service does Starbucks Provide Really what is their product.
- The pattern of numbers below is an arithmetic sequence tex 14 24 34 44 54 ldots tex Which statement describes the recursive function used to..
- Morgan felt the need to streamline Edison Electric What changes did Morgan make.
Rewritten by : Barada
