00:01
So if a woman invest $5 ,900 in an account that pays 6%, now it didn't tell us this was compounded or anything, so we're going to assume this is going to be simple interest every year.
00:13
So she's going to do this for two years, so how much is going to be in the account? so we're looking to just doing this annually, so it's going to be $5 ,900, and then we're going to go one plus our interest rate, 0 .06, and then we raise that to the second power.
00:28
So it'll be 5 ,900 and 1 .06 to the second power.
00:34
Let's see what that's going to be.
00:36
Whoops.
00:37
5900, 1 .06 to the second power.
00:41
That'll be 6629 .24.
00:47
Okay, next he wants to know how long it's going to take the account to reach $10 ,000...