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8 November, 03:48

On your tenth birthday, you received 500 which you invested at 9.5% interest, compounded annually. your investment is worth $2500. how old are you today?

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  1. 8 November, 06:22
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    Compounded once a year: A=P (1+r) ^t

    2500=500 (1+0.095) ^t

    1.095^t=5

    because the unknown number is an exponent, use log to find the unknown:

    log (1.095^t) = log5

    tlog1.095=log5

    t=log5/log1.095

    use your calculator, t=17.734

    so this person is about 28 years old.
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