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Popular Word Problems >

Dale has 2,000 to invest. He has a goal to have 4,800 in this investment in 12 years. At what annual rate compounded continuously will Dale reach his goal?

Solution

D a l e ha s 2, 000 t o in v es t . He ha s a g o a l t o ha v e ​4, 800 in t hi s in v es t m e n t in 12 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 : 7.29557 \dots %

Solution steps

Translate the problem into an equation:

4800 = 2000 e^{r \cdot 12}

Solve for

r, 4800 = 2000 e^{r \cdot 12} : r = 7.29557 \dots %

Rate : 7.29557 \dots %

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