Question

wood invested $5,000 in a money market account and has been tracking its progress. He found that after 3 years, the account held $7,100 andter 8 years, the account held $10,350.se this information to complete the statements.

Answer 1

Given

wood invested $5,000

after 3 years, the account held $7,100

after 8 years, the account held $10,350.

Find

How much value of the account increased over the last 5 years

over 8 years , the value fo account increased at which rate

Explanation

invested $5,000

after 3 years, the account held $7,100

after 8 years, the account held $10,350.

so , over first 3 years the value of account increased = $ 7,100 - $5000 = $2,100

over the last 5 years , the value of account increased = $10,350 - $7,100 = $3,250

average rate of increasing the account over 8 years =

$\frac{10350-5000}{8}=\frac{5350}{8}=668.75$

Final Answer

Therefore , the over the first 3 years the value of account increased at $3250 over the last 5 years.

over 8 years , the value fo account increased at an average rate of approximately $ 670