Dale has 2,000 to invest. He has a goal to have 4,800 in this investment in 12 years. At what annual rate compounded continuously will Dale reach his goal?

Solution

Dale has 2, 000 to invest. He has a goal to have 4, 800 in this investment in 12 years. At what annual rate compounded continuously will Dale reach his goal?

Solution

Rate : 7.29557 \dots %

Solution steps

Translate the problem into an equation:

4800 = 2000 e^{r \cdot 12}

Solve for

r, 4800 = 2000 e^{r \cdot 12} : r = 7.29557 \dots %

Rate : 7.29557 \dots %

Popular Examples

The sum of two numbers is 94. The Difference of the two numbers is 56. What are the two numbers?The sum of two integers is 225 , and the larger number is 15 more than 5 times the smaller number. Find the two integers The product of the two consecutive positive integers is 11 more than their sum. What are the numbers?use the compound interest formula to compute the balance in the following account after the stated period of time assuming interest is compounded annually. 6000 dollars invested at an APR of 2.5% for 12 years. what is the balance in the account after 12 years Makena drove a car at 500 miles with a speed of 20 mph. How long did Makena drove

Dale has 2,000 to invest. He has a goal to have ​4,800 in this investment in 12 years. At what annual rate compounded continuously will Dale reach his​ goal?

Solution

Solution

Popular Examples

Dale has 2,000 to invest. He has a goal to have 4,800 in this investment in 12 years. At what annual rate compounded continuously will Dale reach his goal?