When I was considering what to do with my $8,000 Lottery winnings, my broker suggested I invest half of it in gold, whose value was growing by 12% per year, and the other half in certificates of deposit (CDs), which were yielding 9% per year compounded every 6 months. Assuming that these rates are sustained, how much will my investment be worth in 7 years Round your answer to the nearest cent. ?
A)$16,609.89
B) $16,250.51
C) $16,154.88
D) $13,422.30
E) $16,719.70

Question

When I was considering what to do with my $8,000 Lottery winnings, my broker suggested I invest half of it in gold, whose value was growing by 12% per year, and the other half in certificates of deposit (CDs), which were yielding 9% per year compounded every 6 months. Assuming that these rates are sustained, how much will my investment be worth in 7 years  Round your answer to the nearest cent. ?
A)$16,609.89
B) $16,250.51
C) $16,154.88
D) $13,422.30
E) $16,719.70

Quizplus · Accepted Answer

The Answer of When I was considering what to do with my $8,000 Lottery winnings, my broker suggested I invest half of it in gold, whose value was growing by 12% per year, and the other half in certificates of deposit (CDs), which were yielding 9% per year compounded every 6 months. Assuming that these rates are sustained, how much will my investment be worth in 7 years  Round your answer to the nearest cent. ?
A)$16,609.89
B) $16,250.51
C) $16,154.88
D) $13,422.30
E) $16,719.70

When I Was Considering What to Do with My $8,000