Answers

1. It takes 15.7 years to reach Indy’s amount at $5000.

   According to the statement

   we have to find out that the in how  many years Indy’s money reaches to $5,000 from $2000.

   So, For this purpose, we use the compound interest.

   Compound interest is the interest you earn on interest.

   And we calculate it by the

   CI = P(1 + (r/12) )^12t  

   This the formula of the compound interest annually.

   From the given information:

   Indy has $2,000 invested in a financial asset earning an annually compounded interest rate of 6 percent. here we find the value of the t.

   now,

   CI = P(1 + (r/12) )^12t  

   5000= 2000(1 + (6/12) )^12t

   Then solve it and the answer become 15.7.

   So, It takes 15.7 years to reach Indy’s amount at $5000.

   Learn more about Compound interest here

   https://brainly.com/question/24924853

   #SPJ4

   Reply