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klemol [59]
3 years ago
14

1) Sally needs $20,000 in 4 years. She has $10,000 to invest. If interest is compounded continuously, what rate is required for

Sally to meet her goal?
Mathematics
1 answer:
lesya [120]3 years ago
6 0

Answer:

17.33\%

Step-by-step explanation:

we know that

The formula to calculate continuously compounded interest is equal to

A=P(e)^{rt}  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest in decimal  

t is Number of Time Periods  

e is the mathematical constant number

we have  

t=4\ years\\ A=\$20,000\\ P=\$10,000  

substitute in the formula above  and solve for r

20,000=10,000(e)^{4r}

2=(e)^{4r}

Applying ln both sides

ln(2)=4rln(e)

ln(2)=4r

r=ln(2)/4=0.1733

Convert to percentage

0.1733*100=17.33\%

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