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You invest $6.500 into a mutual fund that is expected to earn 6% per year. How long will it take the fund to earn $13,000?

You invest $6.500 into a mutual fund that is expected to earn 6% per year. How long will it take the fund to earn $13,000?
asked 214k views
5 votes
You invest $6.500 into a mutual fund that is expected to earn 6% per year. How long will it take the fund to earn $13,000?

asked
User Reno
by
9.0k points

1 Answer

4 votes
y= $6.500(1.06)^x

13000= $6.500(1.06)^x
2000=(1.06)^x

log 2000 = x log 1.06
x= log 2000/ log 1.06
130 years
answered
User Julien Marrec
by
8.4k points
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