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Ferdinand invests $720 at a rate of 5% per year, compound interest. How many years will it be before his investment is worth more than $1000?​

Ferdinand invests $720 at a rate of 5% per year, compound interest. How many years will it be before his investment is worth more than $1000?​
asked 27.0k views
4 votes
Ferdinand invests $720 at a rate of 5% per year, compound interest. How many years will it be before his investment is worth more than $1000?​

asked
User Whereisleo
by
7.9k points

1 Answer

3 votes

Answer:

7 years

Explanation:

$720×1.05^7= $1013.11

so 7 years I think

answered
User ToxaBes
by
7.8k points
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