Question

Lukas is investing $16 000 that he would like to grow to at least $ 100 000 by the

time he retires in 50 years. What annual interest rate, compounded annually, will
provide this?

Answer 1

$1,680 each year

Explanation:

To answer this problem you first need to subtract 16,000 from 100,000 so 100,000-16,000=84,000. Then divide 84,000 by 50 which leaves you with the answer $1,680