The formula can be used to find the number of years t required for an investment P
Question:
The formula
can be used to find the number of years t required for an investment P to grow to a value A when compounded continuously at an annual rate r.
(a) How long will it take to increase an initial investment of $1000 to $4500 at an annual rate of 5.75%?
(b) What annual rate is required to increase the value of a $2000 IRA to $30,000 in 35 years?
(c) Give a derivation of this formula.
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a To find the number of years required for an initial investment of 1000 to grow to 4500 at an annua...View the full answer
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ISBN: 9780137945139
5th Edition
Authors: Michael Sullivan
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