Register
Jocelyn is going to invest $610 and leave it in an account for 12 years. Assuming the interest is compounded continuously, what interest rate, to the nearest tenth of a percent, would be required in order
411,528 views
15 votes
15 votes
Jocelyn is going to invest $610 and leave it in an account for 12 years. Assuming the interest is compounded continuously, what interest rate, to the nearest tenth of a percent, would be required in order for Jocelyn to end up with $1,220?

User JordanMiguel
by
2.2k points

2 Answers

18 votes
18 votes

Answer:3.6

Explanation:

User Marc Towler
by
2.8k points
21 votes
21 votes

Answer:

0.06 or 6%

Explanation:

Continuous Compounding:


A=Pe^(rt)\\1220=610e^(12r)\\\\r=(ln(2))/(12) \\\\r=0.058

0.06 or 6%

User Billpg
by
2.7k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers

Other Questions

Can anybody tell me what’s going on here?
Granola costs $1.76 per pound. Write and solve an equation to determine the number of pounds p of granola that can be purchased with $7.04. The equation is: The value of x is
Evalute 8a -1+0.5b when a =1/4 and b= 10 how dose this work i need help..
PLZ needed now plz URGENT!
Yall help me out please
Link Copied!