If you invest $10,000 at an interest rate of 3.2% compounded monthly, when will your investment be worth $15,000?

Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter2: Equations, Inequalities, And Problem Solving
Section2.S: Summary
Problem 8S: What interest rate would you need to get to double an investment of 200 in eight years?
icon
Related questions
icon
Concept explainers
Topic Video
Question

If you invest $10,000 at an interest rate of 3.2% compounded monthly,
when will your investment be worth $15,000?

Expert Solution
Step 1

Initial amount=P=$10000Final amount=A=$15000Interest rate=r=3.2%=0.032Time=t=?Number of times compounded in a year=n=12

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Application of Algebra
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, calculus and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9781285195728
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
Algebra for College Students
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax