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 continuous
ly will Dale reach his goal?
1 answer:
Answer:
11.94 %
Step-by-step 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 %
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