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Popular >

\$6000 grows to \$8329.13 in 8 years under continuous compounding. Find the interest rate. Round to the nearest tenth of a percent.

Solution

$6000 g ro w s t o $8329.13 in 8 ye a rs u n d er co n t in u o u s co m p o u n d in g . F in d t h e in t eres t r a t e . R o u n d t o t h e n e a res t t e n t h o f a p erce n t .

Solution

Rate : 4.1%

Solution steps

Translate the problem into an equation:

8329.13 = 6000 e^{r \cdot 8}

Solve for

r, 8329.13 = 6000 e^{r \cdot 8} : r = 4.09999 \dots %

Rate : 4.09999 \dots %

Round

4.09999 \dots

to the nearest tenth:

4.1

Rate : 4.1%

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