A man with $30,000 to invest decides to diversify his investments by placing $15

Question

A man with $30,000 to invest decides to diversify his investments by placing $15,000 in an account that earns 8.2% compounded continuously and $15,000 in an account that earns 9.4% compounded annually. Use graphical approximation methods to determine how long it will take for his total investment in the two accounts to grow to $45,000 It will take approximatelyyears forhis total investment in the two accounts to grow to $45,000. (Type an integer or decimal rounded to one decimal place as needed.)

Explanation / Answer

From the above table we can see that at 4.7171 years account will grow to 45000.

Correct answer will be 4.7 years.

8.20% 9.40% 15000 15000 1 16281.84 16410 32691.84 2 17673.21 17952.54 35625.75 3 19183.49 19640.08 38823.57 4 20822.83 21486.25 42309.08 4.7171 22083.98 22916.06 45000.03

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