Ask Question
29 September, 13:51

Nicholas has $5000 to invest for retirement. his goal is to have at least $40000 in 30 years. if he finds an account with continuously compounded interest what should the rate be?

+5
Answers (1)
  1. 29 September, 17:29
    0
    40000=5000e^30r

    40000/5000=e^30r

    R = (log (40000/5000) / log (e)) / 30) * 100

    R=6.93%
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Nicholas has $5000 to invest for retirement. his goal is to have at least $40000 in 30 years. if he finds an account with continuously ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers