Question

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 continuously will Dale reach his goal?​

Answer 1

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 %