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Farid deposited 100.00 into a new savings account that earns interest compounded continuously. After 1 year, the balance in the account was 113.00. What was the interest rate on the account?

Solution

Solution

Rate : 12.22176 \dots %

Solution steps

Translate the problem into an equation:

113 = 100 e^{r \cdot 1}

Solve for

r, 113 = 100 e^{r \cdot 1} : r = 12.22176 \dots %

Rate : 12.22176 \dots %

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