SOLUTION: You have $5,000 to invest, and want it to grow to $20,000 in ten years. What interest rate would you need to find to make this possible?

SOLUTION: You have $5,000 to invest, and want it to grow to $20,000 in ten years. What interest rate would you need to find to make this possible?

Algebra.Com

Question 1161732: You have $5,000 to invest, and want it to grow to $20,000 in ten years. What interest rate would you need to find to make this possible?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!

You want the money to quadruple in 10 years, so either choose

, a finite number of compounding periods per year and solve

for

or solve

for

if you want continuous compounding.

Depending on compounding frequency the rate would be in the range

John

My calculator said it, I believe it, that settles it

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