Question
Based on the following table, which lists interest rates on long-term investments (based on 10 -year government bonds) in several countries in $2008 .Assuming that you invest $\$ 10,000$ in the United States, how long (to the nearest year) must you wait before your investment is worth $\$ 15,000$ if the interest is compounded annually?
Step 1
Step 1: First, we need to set up the formula for compound interest, which is $A = P(1 + r)^t$, where $A$ is the final amount, $P$ is the principal amount, $r$ is the interest rate, and $t$ is the time in years. Show more…
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