An initial investment of $350 is worth $429.20 after six years of continuous compounding. Find the
1 answer:
Answer:
Interest Rate : 0.0346 or 3.46%
Step-by-step explanation:
• 429.2=350*(1+x)^6
• 429.2/350= (1+x)^6
•(429.2/350)^(1/6)= 1+x
•(429.2/350)^(1/6)-1= x
Check work:
350*(1+0.0346)^6=429.2
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