en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Sandra decided to invest 14,329 into a savings account that compounds continuously. After 12 years, the account has a balance of 26,282.47. At what interest rate is the account compounding?

Solution

S an d r a d ec i d e d t o in v es t 14, 329 in t o a s a v in g s a cco u n t t ha t co m p o u n d s co n t in u o u s l y . A f t er 12 ye a rs, t h e a cco u n t ha s a ba l an ce o f 26, 282.47. A t w ha t in t eres t r a t e i s t h e a cco u n t co m p o u n d in g ?

Solution

Rate : 5.05513 \dots %

Solution steps

Translate the problem into an equation:

26282.47 = 14329 e^{r \cdot 12}

Solve for

r, 26282.47 = 14329 e^{r \cdot 12} : r = 5.05513 \dots %

Rate : 5.05513 \dots %

Popular Examples

When four times a certain number is subtracted from 23, the result is-5.six less than a number is eleven Fiona is 3 years younger than Irene. Half of Irene's age added to one third of Fiona's age is equal to 9 years. Find Irene's age.16 more than twice a number The diameter of a circle is 8 meters. What is the circle's circumference?