Question: Hello, please explain the formula that is used to solve the following problems. Thank you! At what annual interest rate must$345,000 be invested so that

Hello, please explain the formula that is used to solve the following problems. Thank you!

  • At what annual interest rate must$345,000 be invested so that it will grow to be $1,520,000 in 25years?

  • How many years will it take for$56,000to grow to be $500,000 if it isinvestedin an account with an annual interest rate of11%?

  • What will $15,000 grow to be in 35 years if it is invested today in an account with an annual interest rate of12%

  • Ifyou wish to accumulate $1,250,000 in 28 years, how much must you deposit today in an account that pays an annual interest rate of 4%?

  • At what annual interest rate must$92,000 be invested so that it will grow to be $742,000 in 18 years?

  • How many years will it take for$89,000to grow to be $523,000 if it isinvestedin an account with an annual interest rate of15%?

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