When I was considering what to do with my $10,000 lottery winnings, my broker suggested that I invest half of it in gold, the value of which was growing by 9% per year, and the other half in certificates of deposit (CDs), which were yielding 6% per year, compounded every 6 months. Assuming that these rates are sustained, how much will my investment be worth in 4 years? (Round your answer to the nearest cent.)

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section: Chapter Questions
Problem 22T
icon
Related questions
Question
When I was considering what to do with my $10,000 lottery winnings, my broker suggested that I invest half of it in gold, the value of which was growing by 9% per year, and the other half in certificates of deposit (CDs), which were yielding 6% per year, compounded every 6 months. Assuming that these rates are sustained, how much will my investment be worth in 4 years? (Round your answer to the nearest cent.)
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Recommended textbooks for you
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage