Question

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?

Answer 1

Answer:3.6

Explanation:

Answer 2

0.06 or 6%

Explanation:

Continuous Compounding:

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

0.06 or 6%