Mira bought $500 of Freerange Wireless stock in January of 1998. The value of the stock is expected to increase by 7.5% per year. Predict the year the value of Mira's stock will reach $700.

2003

Step-by-step explanation:

The main topic of the question is compound interest.

If the percentage increase is 7.5%. Then the decimal multipiler would be 1.075. The 1 in front of the decimal represents the increase. 7.5 in decimal form is 0.075, so we just add the two together to get our decimal multiplier.

Now we do trial and error to see when we reach $700. After we get at least $700, we count how many times we multiplied $500 by the decimal multiplier and onwards to figure out the number of years it took and then add that to 1998.

1) 500 x 1.075 = $537.50

2) 537.50 x 1.075 = $577.81

3) 577.81 x 1.075 = $621.15

4) 621.15 x 1.075 = $667.74

5) 667.74 x 1.075 = $717.8205

1998 + 5 = 2003

The value of Mira's stock will reach $700 in January of 2003.

I hope this helps.

dwe

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