SOLUTION: A $5000 investment that grows at annual rate of 6% can be modeled by the function:
y = 5000 (1.06)x
a) Determine the value of the investment after 20 years.
b) How long would it
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-> SOLUTION: A $5000 investment that grows at annual rate of 6% can be modeled by the function:
y = 5000 (1.06)x
a) Determine the value of the investment after 20 years.
b) How long would it
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Question 1058237: A $5000 investment that grows at annual rate of 6% can be modeled by the function:
y = 5000 (1.06)x
a) Determine the value of the investment after 20 years.
b) How long would it take for the investment to double? Use your graphing calculator and show
window dimensions and graph.
c) c) How long would it take the investment to double using the rule of 72? Explain any differences. Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! A $5000 investment that grows at annual rate of 6% can be modeled by the function:
y = 5000 (1.06)^x
a) Determine the value of the investment after 20 years.
y = 5000*1.06^20 = 16035.68
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b) How long would it take for the investment to double? Use your graphing calculator and show window dimensions and graph.
Solve::
2 = 1.06^x
x = log2/log1.06 = 11.9 years
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c) c) How long would it take the investment to double using the rule of 72? Explain any differences.
Don't know any rule of 72.
Cheers,
Stan H.
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