When I Was Considering What to Do with My $7,500

question 108

Short Answer

When I was considering what to do with my $7,500 Lottery winnings, my broker suggested I invest half of it in gold, whose value was growing by 11% 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.

$ __________

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Definitions:

Limbic System

A complex system of nerves and networks in the brain, involved in instincts and emotions such as fear, pleasure, and happiness.

Lithium

A chemical element used as a medication to treat mood disorders, such as bipolar disorder, by stabilizing mood swings.

Euphoria

A feeling of intense excitement and happiness.

Lethargy

A state of sluggishness, drowsiness, or lack of energy, often as a symptom of a medical condition or psychological state.