Q14 An investment of $2500 grows at a rate of 4.8% per year, compounded annually. How long will it take for the investment to be worth $4000? Recall that the formula for compound interest is A = P(1 + i)" O Option 1 It will take approximately 20.025 years for the investment to be worth $4000. O Option 2 It will take approximately 40.025 years for the investment to be worth $4000. Option 3 It will take approximately 30.025 years for the investment to be worth $4000. Option 4 It will take approximately 10.025 years for the investment to be worth $4000.

Q14 An investment of $2500 grows at a rate of 4.8% per year, compounded annually. How long will it take for the investment to be worth $4000? Recall that the formula for compound interest is A = P(1 + i)" O Option 1 It will take approximately 20.025 years for the investment to be worth $4000. O Option 2 It will take approximately 40.025 years for the investment to be worth $4000. Option 3 It will take approximately 30.025 years for the investment to be worth $4000. Option 4 It will take approximately 10.025 years for the investment to be worth $4000.

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

Q14 An investment of $2500 grows at a rate of 4.8% per year, compounded
annually. How long will it take for the investment to be worth $4000? Recall that
the formula for compound interest is
A = P(1 + i)"
O
Option 1 It will take approximately 20.025 years for the investment to be worth
$4000.
O
Option 2 It will take approximately 40.025 years for the investment to be worth
$4000.
Option 3 It will take approximately 30.025 years for the investment to be worth
$4000.
Option 4 It will take approximately 10.025 years for the investment to be worth
$4000.
Submit
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