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MasterPriapis MasterPriapis
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3 months ago
Pat and Jamie are twins. Pat will invest $2,500 on their 20th birthday and the money will accumulate at 12% compounded annually until their 60th 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

Business Mathematics in Canada


Edition: 11th
Authors:
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babolat00babolat00
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3 months ago
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16.31%

1

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MasterPriapis Author
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3 months ago
Thanks
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