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Delvig [45]
2 years ago
9

Angus has $3,000 he want to invest. What interest rate compounded continuously does an account need to offer so that Angus has $

5,500 in 8 years?
Mathematics
1 answer:
kaheart [24]2 years ago
3 0

Answer:

The interest rate is 7.58%

Step-by-step explanation:

Compound continuous interest can be calculated using the formula:

A = Pe^{rt}, where

  • A is the future value of the investment, including interest
  • P is the principal investment amount (the initial amount)
  • r is the interest rate  in decimal
  • t is the time the money is invested for

∵ Angus has $3,000 he want to invest

∴ P = 3000

∵ The interest rate is compounded continuously

∵ Angus has $5,500 in 8 years

∴ A = 5500

∴ t = 8

→ Substitute them in the rule above to find r

∵ 5500 = 3000e^{8r}

→ Divide both sides by 3000

∴ \frac{11}{6} = e^{8r}

→ Insert ㏑ in both sides

∵ ㏑( \frac{11}{6} ) = ㏑(e^{8r})

→ Remember ㏑(e^{n}) = n

∴ ㏑( \frac{11}{6} ) = 8r

→ Divide both sides by 8

∴ 0.07576697545 = r

→ Multiply it by 100% to change it to a percentage

∴ r = 0.07576697545 × 100%

∴ r = 7.576697545 %

→ Round it to the nearest hundredth

∴ r ≅ 7.58

∴ The interest rate is 7.58%

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