An investment of $750 will be worth $1500 after 12 years of continuous compounding at a fixed interest rate. What percent is the

Question

vagabundo [1.1K]

2 years ago

14

An investment of $750 will be worth $1500 after 12 years of continuous compounding at a fixed interest rate. What percent is the

interest rate?

Mathematics

1 answer:

Alexxandr [17] · Answer 1 · 2022-03-06T17:41:59+03:00

Alexxandr [17]2 years ago

7 0

To solve this, first make an equation:

$750(x)^{12}=1500$

After you solve this, you get x = 1.0399, but we have to subtract 1 so we get 0.0399 which is 3.99%