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A savings account starts with $181.25. After 7 years of continuous compounding at an interest rate, r, the account has $1450. What is the interest rate percentage? Round the answer to the nearest hundredth.
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A savings account starts with $181.25. After 7 years of continuous compounding at an interest rate, r, the account has $1450.

What is the interest rate percentage?
Round the answer to the nearest hundredth.

User Rimantas
by
7.9k points

1 Answer

3 votes

Answer:

29.71

Explanation:

Continuous Compounding Formula = P x e^(r x t)

= 181.25 x e^(0.29710000000000003 x 7) = 1450.37

User Joydeba
by
8.3k points
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