This graph shows the exponential rise in balance on an initial investment of $1,500 over 25 years at 5% APR. After how many years will $2,00

Question

This graph shows the exponential rise in balance on an initial investment of $1,500 over 25 years at 5% APR. After how many years will $2,000 in interest accumulate on the account?

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Autumn 2 weeks 2021-10-13T03:18:26+00:00 1 Answer 0

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    2021-10-13T03:19:59+00:00

    Answer:

    In 27 years, there will be at least 2,000 in the account.

    Step-by-step explanation:

    First you need to change your precent to a decimal, you can do that by dividing by 100:

    5% ÷ 100 = 0.05

    Then multiply your ammount ($1500 ) by your time (27years) by your decimal (0.05) :

    $1,500 × 27 × 0.05 = $2,025

    Then there is your answer! Hope this helped you! <3

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