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
158k views
3 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 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
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

5.8m questions

7.6m answers

Other Questions

Solve for y in terms of x. 2/3y - 4 = x y = x + 6 y = -x + 4 y = -x + 6 y = x + 4
Aliyah has $24 to spend on seven pencils. After buying them she had $10. How much did each pencil cost?
Evaluate a + b when a = –16.2 and b = –11.4 A. –27.6 B. –4.8 C. 4.8 D. 27.6
What is the value of x? (-4) - x = 5
Find the quotient of 3,078 ÷ 27. A) 104 B) 109 C) 114 D) 119
Link Copied!