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Chapter 10: Q. 345 (page 1055)

Alice invests \(15,000at age 30from the signing bonus of her new job. She hopes the investments will be worth \)30,000 when she turns 40 . If the interest compounds continuously, approximately what rate of growth will she need to achieve her goal?

Short Answer

Expert verified

The rate of growth is6.9%

Step by step solution

01

Given information

Given the investment is$15,000and investment is worth$30,000at40years

02

Substitute in the formula for the balance compounded annually

Substituting, we get

A=Pert30000=15000(e)(r)(10)30000=15000(e)10r(e)10r=3000015000(e)10r=2

03

Take logarithm and solve

Taking logarithm, we get

ln(e)10r=ln210r路lne=ln210r=ln2r=ln210r鈮�0.069r鈮�6.9%

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