Pat and Jaimie are twins. Pat will invest $2,500 on their 20^th birthday and the money will accumulate at 12% compounded annually until their 60^th birthday. Jamie will wait 10 more years, until they are 30 years old, and will then invest the same amount, $2,500. What annually compounded interest rate will Jamie need to achieve for the investment to catch up to Pat's when they are 60 years old? A) 18.93% B) 14.14% C) 14.89% D) 15.00% E) 16.31%

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The Answer of Pat and Jaimie are twins. Pat will invest $2,500 on their 20^th birthday and the money will accumulate at 12% compounded annually until their 60^th birthday. Jamie will wait 10 more years, until they are 30 years old, and will then invest the same amount, $2,500. What annually compounded interest rate will Jamie need to achieve for the investment to catch up to Pat's when they are 60 years old? A) 18.93% B) 14.14% C) 14.89% D) 15.00% E) 16.31%

Pat and Jaimie Are Twins