o capitalize on all the money he earned as a teenager, Justin has $500,000 that he wants to invest into an account a.) How much money does Justin have after 10 years if the account earns 5% interest compounded continuously? b.) How long will it take for Justin's money to grow to 2,000,000?

o capitalize on all the money he earned as a teenager, Justin has $500,000 that he wants to invest into an account a.) How much money does Justin have after 10 years if the account earns 5% interest compounded continuously? b.) How long will it take for Justin's money to grow to 2,000,000?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

To capitalize on all the money he earned as a teenager, Justin has $500,000 that he wants to invest into an account

a.) How much money does Justin have after 10 years if the account earns 5% interest compounded continuously?

b.) How long will it take for Justin's money to grow to 2,000,000?

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