Question

I WILL GIVE BRAINLIEST Suppose that is $1200 initially invested in an account at a fixed interest rate, compounded continuously. Suppose also that, after six years, the amount of money in the account is $1431 . Find the interest rate per year.
Write your answer as a percentage. Do not round any intermediate computations, and round your percentage to the nearest hundredth.

Answer 1

Answer:

so we know that we're starting with $2500. We know it's compound a continuous interest, and they tell us that the interest rate is 6% and we want to find the amount of time it's going to take for it to basically double because it says 5000. So we divide both sides by five Excuse me by 2500 and we end up with E to the 0.6 T is equal to two. We can take the natural log of both sides mhm, and we can use a log of a powers at this point. Oh, 60 can come down in front with log of a power and lo and behold Oh, my goodness, Ellen up e is one. So all we need to do to solve is divide both sides by 0.6, and that will give us our time. We need to round that off to the nearest 10th of a year. So Ln of two divided by 20.6 11.6 11.55 But to the nearest Tampa would be 11.6 years. And we are done. Mm hmm.

Step-by-step explanation: