Briana invested $12,500 into a fund that is expected to grow by 5.25% per year. How long with it take the fund to be worth $25,000? Round to the nearest year. A) 2 years B) 12 years C) 14 years D) 10 years
Question
Answer:
The answer is C) 14 years.Plug it in to check:
12500(1+0.0525)^14
12500(2.05) = 25,587.01 (rounded to 25000)
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