contestada

You deposit $2,500 in an investment


account. The rate of growth is 4.55% a year.


If you make no further deposits or


withdrawals, and the investment is allowed


to grow uninhibited, how long will it take for


your investment to reach $5,000? Round to


the nearest tenth.

Respuesta :

Wilbur

Answer:

22 years

Step-by-step explanation:

the rate of the increase is $113.75 a year.

  • 4.55% of 2500 = 113.75
  • 113.75 x 21.98 = 2500.225
  • 2500.225 + 2500 = 5000

So it would take if rounded 22 years to reach the goal of $5000.

Otras preguntas