Claire is going to invest $2,600 and leave it in an account for 18 years. Assuming the interest is compounded continuously, what
interest rate, to the nearest hundredth of a percent, would be required in order for Claire to end up with $4,300?
2 answers:
Answer:
Rate of interest r = 2.83 % (Approx.)
Step-by-step explanation:
Given:
Amount invested p = $2,600
Amount get A = $4,300
Number of year n = 18
Find:
Rate of interest r
Computation:
A = p(1+r)ⁿ
4,300 = 2,600(1+r)¹⁸
(1+r)¹⁸ = 1.653846
Rate of interest r = 2.83 % (Approx.)
Answer: 2.80%
Step-by-step explanation:
Delta Math
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