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At age 25 james, thinking ahead deposits 2500 into a retirement account with an average annual interest rate of 11%. Find James age when his investment is worth 10 times his original value.
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At age 25 james, thinking ahead deposits 2500 into a retirement account with an average annual interest rate of 11%. Find James age when his investment is

worth 10 times his original value.

User Valentin Kuzub
by
5.6k points

1 Answer

6 votes
FV=PV*(1+r*n)
2500*10=2500*(1+0.11*n)
n≈82 (years)
82+25=107
James age is 107.
User Alexander Roehnisch
by
6.8k points
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