Friday Riddle - EARLY

nudgie
nudgie Member Posts: 1,478 Member
edited March 2014 in Colorectal Cancer #1
I will be visiting my son over the weekend for the Arlington Million Horse Race in Chicago, IL, so I will be out of touch until Tuesday.

NO GOOGLING OR SEARCHING THE INTERNET FOR THE ANSWER. GOOD LUCK

RIDDLE:A certain investment doubles Joe's money every five years. If Joe leaves all the money invested, in 40 years he'll have 384,000. How long will it take to have $340,000 if he starts with twice as much money? How much money did he start with?

Comments

  • PhillieG
    PhillieG Member Posts: 4,866 Member
    #2
    Hmmm
    No sure but I believe that Bernie Madoff got $50,000,000 out of the deal and is currently doing 15 years to life for it? Am I close?
    Have a great trip
    -phil
  • PGLGreg
    PGLGreg Member Posts: 731
    #3
    Starting with twice as much
    Starting with twice as much would be just like doubling the money in the first five years, so he'd wind up with the same amount, $384,000, in five fewer years. So in 35 years he'd have $340,000, and in fact $44,000 more than that. I don't think we have enough information to determine when, if ever, he would have exactly $340,000 -- it would depend on how the investment could be cashed in.

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