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Fred decides to think about retirement and invests at the age of 26. He invests $15,000 and hopes the investment will be worth $900,000 by the time he turns 64. If the interest compounds continuously, approximately what rate of growth will he need to achieve his goal? Round to the nearest tenth of a percent.

Fred decides to think about retirement and invests at the age of 26. He invests $15,000 and hopes the investment will be worth $900,000 by the time he turns 64. If the interest compounds continuously, approximately what rate of growth will he need to achieve his goal? Round to the nearest tenth of a percent.

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 67SE: Alyssa opened a retirement account with 7.25 APRin the year 2000. Her initial deposit was 13,500....
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Fred decides to think about retirement and invests at the age of 26. He invests $15,000 and hopes the investment will be worth $900,000 by the time he turns 64. If the interest compounds continuously, approximately what rate of growth will he need to achieve his goal? Round to the nearest tenth of a percent.
Transcribed Image Text:Fred decides to think about retirement and invests at the age of 26. He invests $15,000 and hopes the investment will be worth $900,000 by the time he turns 64. If the interest compounds continuously, approximately what rate of growth will he need to achieve his goal? Round to the nearest tenth of a percent.
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