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3 years ago

6

nicholas has $5000 to invest for retirement. his goal is to have at least $40000 in 30 years. if he finds an account with contin

uously compounded interest what should the rate be?

1 answer:

MakcuM [25]3 years ago

4 0

40000=5000e^30r
40000/5000=e^30r
R=(log(40000/5000)/log(e))/30)*100
R=6.93%

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