Question: Use the model= A P e rt or= A P + 1 r n nt , where A is the future value of P dollars

Use the model=

A

P

e

rt

or=

A

P

+

1

r

n

nt

, whereA

is the future value ofP

dollars invested at interest rater

compounded continuously orn

times per year fort

years.

If a couple has$

80,000

in a retirement account, how long will it take the money to grow to$

1,000,000

if it grows by6.5

%

compounded continuously? Round up to the nearest year.

It will take approximately

years.

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