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You win the grand prize of $500,000 from a scratcher lottery ticket. Your accountant recommends that you invest 15% of the prize money into a savings account. If you take his advice and invest the money into an account with an 8% annual interest rate, compounded continuously, how many years will it take your new savings account to reach $200,000? How much money did you initially deposit?
It will take about 13 years to reach $200,000 with an initial deposit of $75000.