February 21, 2017

Homework Help: Math 1320

Posted by Anne on Wednesday, October 20, 2010 at 12:43am.

When I was considering what to do with my $10,000 Lottery winnings, my broker suggested I invest half of it in gold, the value of which was growing by 12% per year, and the other half in CDs, which were yielding 5% per year, compounded every 6 months. Assuming that these rates are sustained, how much will my investment be worth in 7 years? (Round your answer to the nearest cent.)

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