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Home Q & A Board Science-Related Homework Help Mathematics
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knoeller33 knoeller33
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10 months ago
Pat and Jamie are twins. They will both invest $2,500 on their 20th birthday. Pat's money will accumulate at 14% compounded annually for 35 years until their 55th birthday. Being less of a risk taker Jamie will select an investment that will provide a return of only 8.5% compounded annually. If when they reach age 55, Jamie decides to leave the money growing at 8.5% how many more years will it take for Jamie's investment to reach the value that Pat's will be at age 55?

▸ 9.3 years

▸ 21.2 years

▸ 14.3 years

▸ 27.4 years

▸ 18.4 years
Textbook 
Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
Authors:
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crusherpsgcrusherpsg
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10 months ago
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knoeller33 Author
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10 months ago
Good timing, thanks!
54321abs
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Yesterday
this is exactly what I needed
vernonb
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2 hours ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
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