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Popular Word Problems >

dale has 2000 to invest. his goal is to have 4, 800 in this investment in 8 years. at what annual rate compounded continuously will dale reach his goal?

Solution

d a l e ha s 2000 t o in v es t . hi s g o a l i s t o ha v e 4, 800 in t hi s in v es t m e n t in 8 ye a rs . a t w ha t ann u a l r a t e co m p o u n d e d co n t in u o u s l y w i ll d a l e re a c h hi s g o a l ?

Solution

Rate : 10.94335 \dots %

Solution steps

Translate the problem into an equation:

4800 = 2000 e^{r \cdot 8}

Solve for

r, 4800 = 2000 e^{r \cdot 8} : r = 10.94335 \dots %

Rate : 10.94335 \dots %

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