If Alexis invest $2,000 into a fund that earns 5.5% interest compounded annually, how long will it take for her investment to grow into $100,000?

73 years

Explanation:

We can solve this problem by using the formula for the annually compounded interest:

where

A is the amount after time t

P is the principal

r is the interest rate

t is the time

In this problem, we have:

P = $2000 is the principal

r = 0.055 is the interest rate (equivalent to 5.5%)

We want to find the time t at which the amount invested will become

A = $100,000

Substituting these values into the formula and re-arranging it to make t the subject, we find:

Therefore, the time taken is 73 years.

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