Question

julia is going to invest $860 in an account and leave it for 8 years. assuming the interest rate is compounded continuously, What interest rate To the nearest Hundresth of a percent Would be required in order for julia To end up with $1190?

Answer 1

`\begin{gathered} A=\text{ 860} \\ P=1,190 \\ t=\text{ time = 8 years} \\ i=? \\ U\sin g\text{ the next equation} \\ P=A\mleft(1+i\mright)^t \\ (P)/(A)=(1+i)^t \\ \\ \text{the interest would be 0.041 in order to get \$1,190 in 8 years} \end{gathered}`