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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 the interest compounds continuously, approximately what rate of growth will …

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 …
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3 votes
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.

asked
User Timsen
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8.5k points

2 Answers

1 vote

Answer:

The investment needs the rate of growth to be approximately 16.1%.

Explanation:

answered
User Mullins
by
7.9k points
5 votes

Answer:16.1%

Explanation:

answered
User Maximilian Krause
by
7.7k points
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