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Jenny invests $3,072 in a savings accountwith a fixed annual interest ratecompounded continuously. After 8 years,the balance reaches $5,378.07. What isthe interest rate of the account?A) 6% B) 8%C) 79%
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Jenny invests $3,072 in a savings accountwith a fixed annual interest ratecompounded continuously. After 8 years,the balance reaches $5,378.07. What isthe interest rate of the account?A) 6% B) 8%C) 79% D) 5%

User Geo
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1 Answer

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Given:

Principal amount, P = $3,072

Time, t = 8 years

Final Amount, A = $5,378.07

To find the interest rate since it is compounded continuously, take the compound interest formula below:


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User Loubna
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