Alex collects stamps. He wants to buy a superhero set for $3.88, a president set for $5.88, and a dinosaur set for $3.88. He has
2 answers:
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Answer:
Dale would reach his goal with an annual interest rate of 6.18%.
Step-by-step explanation:
For compounding continuously, recall the following equation:
A = final amount ($4200)
P = principal amount ($2000)
r = rate (unknown)
t = time (12 years).
You'll have to use natural logs for these types of questions. Remember that ln (e) = 1.
See the work done in the attached file.
Hope this helps!
