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A high school student received from his wealthy ant $15,000. He decided to put it in an account which pays 5.5% compounded continuously. If the student will need $25,000, to pay for college when he will finish his high school ; how long will it take to accumulate that much money?

A high school student received from his wealthy ant $15,000. He decided to put it in an account which pays 5.5% compounded continuously. If the student will need $25,000, to pay for college when he will finish his high school ; how long will it take to accumulate that much money?

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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A high school student received from his wealthy ant $15,000. He decided to put it in an account which pays 5.5% compounded continuously. If the student will need $25,000, to pay for college when he will finish his high school ; how long will it take to accumulate that much money?
Transcribed Image Text:A high school student received from his wealthy ant $15,000. He decided to put it in an account which pays 5.5% compounded continuously. If the student will need $25,000, to pay for college when he will finish his high school ; how long will it take to accumulate that much money?
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