If an investment of $40,000 is earning an interest rate of 4.00%, compounded annually, then it will take for this investment to reach a value of $53,679.69—assuming that no additional deposits or withdrawals are made during this time.
Which of the following statements is true—assuming that no additional deposits or withdrawals are made?
If you invest $1 today at 15% annual compound interest for 82.3753 years, you’ll end up with $100,000.
If you invest $5 today at 15% annual compound interest for 82.3753 years, you’ll end up with $100,000.