Posted by Kate on Sunday, February 28, 2010 at 6:45pm.
Suppose an investment of $500 doubles in value every 15 years. How much is the investment worth after 30 years? After 45 years?
please help!!! i don't even understand how to approach this problem! =(
- Math--Exponential Functions - MathMate, Sunday, February 28, 2010 at 7:30pm
Initial investment = $500
Investment value after 15 years
= $1000 (doubles)
15 more years later (30), value of investment
= $1000 * 2
= $2000 (doubles from 15 years ago)
I will leave it to you to calculate the value of investment at 45 years from the initial investment.
Mathematically, let P = initial principal,
2P = PR^15 (R=interest rate)
Value of investment after N years,
and so on.
- Math--Exponential Functions - professor, Tuesday, March 23, 2010 at 10:36pm
after 30 yrs the investment is worth $2,000
after 45 yrs the investment is worth $4,000
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