Answer:
r = 64
Step-by-step explanation:
The number of years for the investment plan = 65-23= 32 years
Initial amount= $30000
Final amount= $160000
To find the rate of return
We will use the compound interest formula.
The number of times it was compounded= number of years because it was not compounded monthly.
A= p(1+r/n)^(nt)
160000= 30000(1+r/32)^(32*32)
160000/30000= (1+r/32)^(32*32)
5.333= (1+r/32)^(1024)
1024√5.333= (1+r/32)
1.001636073 = 1 +r/32
2.01636073= r/32
32(1.01636073)= r
64.05= r
