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Pat and Jamie are twins. Pat will invest $2,500 on their 20th birthday and the money will accumulate ...

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Pat and Jamie are twins. Pat will invest $2,500 on their 20th birthday and the money will accumulate ...

Pat and Jamie are twins. Pat will invest $2,500 on their 20^th birthday and the money will accumulate at 12% compounded annually until their 60^th birthday. Jamie will wait 10 more years, until they are 30 years old, and will then invest the same amount, $2,500. What annually compounded interest rate will Jamie need to achieve for the investment to catch up to Pat's when they are 60 years old?

▸ 18.93%

▸ 14.14%

▸ 14.89%

▸ 15.00%

▸ 16.31%

Textbook

Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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