What interest rate is needed for an investment of 350 to be worth 1120 after 33 years if interest is compounded continuously? Enter your answer in decimal form and round to the nearest thousandth.

Solution

Solution

Rate : 3.52469 \dots %

Solution steps

Translate the problem into an equation:

1120 = 350 e^{r \cdot 33}

Solve for

r, 1120 = 350 e^{r \cdot 33} : r = 3.52469 \dots %

Rate : 3.52469 \dots %

Popular Examples

The circumference of a circle is 10pi ft. What is the area, in square feet? Express your answer in terms of pipi Two planes start out at two different airports. The planes are 2 584 km apart. The planes start flying towards each other. One plane is flying at 352 km/h and the other plane at 294 km/h.If both planes started their journey at the same time, how long will they take to pass each other?Sara went to lunch with her friend. Sara's lunch cost 12.50 but she wants to leave a 20% tip. What is the total cost after tip?Emma invested 19,000 in an account paying an interest rate of 4.2% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 40,000?Between which two consecutive integers doessqrt(150)

What interest rate is needed for an investment of 350​​​​ to be worth ​​1120​​ after 33​​​ years if interest is compounded continuously? Enter your answer in decimal form and round to the nearest thousandth.

Solution

Solution

Popular Examples

What interest rate is needed for an investment of 350 to be worth 1120 after 33 years if interest is compounded continuously? Enter your answer in decimal form and round to the nearest thousandth.