Mirela cut wrapping paper in the shape of the net below to cover a present. What is the surface area of her gift?
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Answer:
The continuous yearly interest is 22.5% per year.
Step-by-step explanation:
Continuous yearly interest:
Continuous yearly interest is defined as the sum of the interest comes from principle and the interest comes from interest.
The formula for continuous interest yearly is
where A = The final amount =$110,000
P= principle =$4,700
r= rate of interest
t= time (in year)= 14 years
Taking ln both sides
(approx)
The continuous yearly interest is 0.225 = 22.5% per year.