SOLUTION: On your fifteenth birthday, you received $1,000 which you invested at 10.3 percent interest, compounded annually. That investment is now worth $4,799.63. How old are you today? (Ro

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: On your fifteenth birthday, you received $1,000 which you invested at 10.3 percent interest, compounded annually. That investment is now worth $4,799.63. How old are you today? (Ro      Log On

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Question 586804: On your fifteenth birthday, you received $1,000 which you invested at 10.3 percent interest, compounded annually. That investment is now worth $4,799.63. How old are you today? (Round UP to nearest whole year).
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!




is the Future Value, is the principal invested, is the annual interest rate, is the number of compounding periods in one year, and is the number of years.

Substitute the values you know (Note: ):



And solve for . Round up and add to 15.

John

My calculator said it, I believe it, that settles it
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