Question

An initial investment of $10,000 grows at 11% per year.
8. Write an exponential function for the value, y, after x years.
9. When will the investment be more than $150000?​

Answer 1

Hi ,

with compound interest :  

1)    y =  10 000 * 1.11^x    

2)   10 000 *1.11^x = 150 000

                     1.11^x =  150 000 / 10 000

                      1.11^x =  15

                              x =  ln (15) /ln (1.11)

                              x ≈ 26  years