Sung Lee invests $3,000 at age 18. He hopes the investment will be worth $6,000 when he turns 25. If the interest compounds continuously, approximately what rate of growth will he need to achieve his goal? Round to the nearest tenth of a percent.

10.4%

Step-by-step explanation:

Sung Lee invests $3,000 at age 18.

He hopes the investment will be worth $6,000 when he turns 25, that is, after 7 years.

The interest compounds (Compound Interest). The formula for the final amount in a compound interest is:

where P = Principal (Amount invested) = $3000

A = final amount = $6000

R = rate

T = number of years = 7 years

This implies that:

Find the 7th root of 2:

=> R = 10.4%

Hence, the rate would need to be 10.4% for him to achieve his goal.

step-by-step explanation:

if you want to solve percent error follow these steps.

1. subtract the accepted value from the experimental value.

2. take the absolute value of step 1.

3. divide that answer by the accepted value.

4. multiply that answer by 100 and add the % symbol to express the answer as a percentage.

if you want to solve percent of change just do this.

1. work out the difference (increase) between the two numbers you are comparing.

2. divide the increase by the original number and multiply the answer by 100. if your answer is a negative number then this is a percentage decrease.

hope this : )