Question
A MAT135 student wants to start investing their money for retirement. Microsoft currently has a stock price of $295.90 per share, and a historic growth
A MAT135 student wants to start investing their money for retirement. Microsoft currently has a stock price of $295.90 per share, and a historic growth rate corresponding to an annual interest rate of 18%, compounded continuously (measured from 2008). The student buys 10 Microsoft stocks. The investment follows this model: P(t) = P0e^rt where P(t) is the price of the investment at time t (in years), r is the interest rate, and P0 is the initial price of the investment. (a) If you need $1 million to retire, in how many years can this MAT135 student retire? Show your work and round your final answer to 2 decimal places.
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