Question

Dale has $1,000 to invest. He has a goal to have $2,600 in this investment in 8 years. At what annual rate compounded continuously will Dale reach his goal?​

Answer 1

11.94 %

Explanation:

Compound interest formula FV = PV e^(it) i = decimal interest per year

t = time FV = future value

2600 = 1000e^(i * 8)

solve for i = 11.94 %