en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

\$6000 grows to \$8329.13 in 8 years under continuous compounding. Find the interest rate. Round to the nearest tenth of a percent.

Solution

$6000 g ro w s t o $8329.13 in 8 ye a rs u n d er co n t in u o u s co m p o u n d in g . F in d t h e in t eres t r a t e . R o u n d t o t h e n e a res t t e n t h o f a p erce n t .

Solution

Rate : 4.1%

Solution steps

Translate the problem into an equation:

8329.13 = 6000 e^{r \cdot 8}

Solve for

r, 8329.13 = 6000 e^{r \cdot 8} : r = 4.09999 \dots %

Rate : 4.09999 \dots %

Round

4.09999 \dots

to the nearest tenth:

4.1

Rate : 4.1%

Popular Examples

The sum of 2 times a number and 6 is 8.72 is 40% of what number?twice the difference of a number and 6 is at most 22 Joey makes quarterly deposits of 750 into his IRA. If his IRA pays 2% compounded quarterly, how much is in the account after 20 years?the sum of a number and its square is 72