Penelope is going to invest $23,000 and leave it in an account for 11 years. Assuming the interest is compounded continuously, what interest rate, to the nearest tenth of a percent, would be required in

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asked Mar 8, 2022 131k views

19 votes

Penelope is going to invest $23,000 and leave it in an account for 11 years. Assuming

the interest is compounded continuously, what interest rate, to the nearest tenth of a
percent, would be required in order for Penelope to end up with $41,000?

Mathematics
high-school

Richard Bender asked

by Richard Bender

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1 Answer

8 votes

Answer: r ≈ 5.3%

Explanation:

Nojhan answered Mar 14, 2022

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