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iliketurtures
09.12.2019 •
Business
Assume your granny put $45,000 into a trust fund for you earning 5%. you cannot withdraw the money until it has doubled. how many years must you leave the money in the trust fund (before the original $45,000 has doubled)?
a. 10.24
b. 11.35
c. 12.23
d. 13.12
e. 14.21
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Ответ:
E) $14.21 years
Explanation:
We need to find the number of years it will take your trust fund to reach $90,000.
To find out, we use this equation:
PV = FV (1 + i)^X
Where:
PV = Present value of money (in this case $45,000)
FV = Future value of money (in this case $90,000)
i = Interest rate
X = number of compounding periods (in this case, number of years)
Now, we plug the amounts into the equation and solve:
$45,000 = $90,000 (1 + 0.05)^X
$45,000/$90,000 = 1.05^X
0.5 = 1.05^X
Log0.5 = Log1.05X
X = Log0.5 / Log 1.05
X = 14.21
Ответ:
420.05$. He gained.
Explanation:
1800$*500=9000$
17.12$*500=8560$
and he had to pay 19.95$ for transaction.
so,the amount he gained is 9000$-8560$-19.95$
=420.05$