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Ty decided to invest $600 in an account and was able to take out $670 from the account after 8 years. The interest in the account was compounded continuously. What was the interest rate for his account?
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13 votes
Ty decided to invest $600 in an account and was able to take out $670 from the account

after 8 years. The interest in the account was compounded continuously. What was the
interest rate for his account?

User Dharmx
by
7.1k points

2 Answers

4 votes

The interest rate for his account was r ≈ 1.375% .

User Luigi Saggese
by
7.6k points
10 votes
R= 1.375% is the answer to this
User Jermal
by
8.4k points
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