Mathematics, 27.07.2020 05:01 schwann
Mai invests $20,000 at age 20. She hopes the investment will be worth $500,000 when she turns 40. If the interest compounds continuously, approximately what rate of growth will she need to achieve her goal? Round to the nearest tenth of a percent.
Answers: 2
17.5% per annum
![500000 = 20000 \times (1+\frac{R}{100})^{20}\\\Rightarrow \dfrac{500000}{20000} =(1+\frac{R}{100})^{20}\\\Rightarrow 25 =(1+\frac{R}{100})^{20}\\\Rightarrow \sqrt[20]{25} =1+\frac{R}{100}\\\Rightarrow 1.175 = 1+0.01R\\\Rightarrow R \approx17.5\%](/tpl/images/0713/7095/54eae.png)
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Mai invests $20,000 at age 20. She hopes the investment will be worth $500,000 when she turns 40. If...
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