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STatiana [176]
3 years ago
13

Judith puts $5000 into an investment account with interest compounded continuously. which approximate annual rate is needed for

the account to grow to $9110 after 30 years?
Business
1 answer:
Oxana [17]3 years ago
3 0
In the question, continuously should be annually.

Solution:
Applicable formula is;
A = P(1+r)^n

Where;
A = Total amount after 30 years = $9,110
P = Amount invested = $5,000
r = Annual interest rate in decimals
n = Number of years = 30

Substituting;
9110 = 5000(1+r)^30
9110/5000 = (1+r)^30
1.822 = (1+r)^30
Taking natural logs on both sides;
ln (1.822) = 30 ln (1+r)
0.5999 = 30 ln (1+r)
0.5999/30 = ln (1+r)
0.019998 = ln (1+r)
Taking exponents on both sides
e^0.019998 = 1+r
1.0202 = 1+r
r = 1.0202 -1 = 0.0202 =2.02%

Therefore, annual interest rate should be 2.02%.
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Answer:

FV= $75,437.02

Explanation:

Giving the following information:

Number of cash flows= 5

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Total number of periods= 10 years

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<u>First, we need to calculate the future value of the 5 cash flows in 5 years using the following formula:</u>

<u></u>

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<u>Now, the value at the end of 10 years:</u>

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Dominik [7]

Answer:

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In the other vein, I would need to develop my weaknesses in the areas of over-tolerance and the useof vogue language when angry.

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Answer:

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