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Pat and Jamie are twins. They will both invest $2,500 on their 20th birthday. Pat's money will ...

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Pat and Jamie are twins. They will both invest $2,500 on their 20th birthday. Pat's money will ...

Pat and Jamie are twins. They will both invest $2,500 on their 20^th birthday. Pat's money will accumulate at 14% compounded annually for 35 years until their 55^th 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

Edition: 11^th

Authors: Jerome, Worswick

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