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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
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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 Jonathan Prior
by
5.3k points

2 Answers

0 votes

Answer:3.6

Explanation:

User Thebluedragon
by
5.2k points
2 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 Martinedwards
by
5.3k points
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