A man with $30,000 to invest decides to diversify his investments by placing $15,000 in an account that earns 5.2% compounded continuously and $15,000 in an account that earns 6.4% 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 approximately ☐ years for his total investment in the two accounts to grow to $45,000. (Type an integer or decimal rounded to one decimal place as needed.)

International Financial Management
14th Edition
ISBN:9780357130698
Author:Madura
Publisher:Madura
Chapter14: Multinational Capital Budgeting
Section: Chapter Questions
Problem 1IEE
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A man with $30,000 to invest decides to diversify his investments by placing $15,000 in an account that earns 5.2%
compounded continuously and $15,000 in an account that earns 6.4% 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 approximately ☐ years for his total investment in the two accounts to grow to $45,000.
(Type an integer or decimal rounded to one decimal place as needed.)
Transcribed Image Text:A man with $30,000 to invest decides to diversify his investments by placing $15,000 in an account that earns 5.2% compounded continuously and $15,000 in an account that earns 6.4% 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 approximately ☐ years for his total investment in the two accounts to grow to $45,000. (Type an integer or decimal rounded to one decimal place as needed.)
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