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13 October, 00:23

Nicholas has $5000 to invest for retirement. his goal is to have at least $40000 in 30 years. if he finds an account with continuously compounded interest what should the rate be?

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  1. 13 October, 01:20
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    40000=5000e^30r

    40000/5000=e^30r

    R = (log (40000/5000) / log (e)) / 30) * 100

    R=6.93%
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