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Popular Word Problems >

4000 grows to 4341.82 in 2 years under continuous compounding. Find the interest rate. Round to the nearest tenth of a percent

Solution

4000 g ro w s t o 4341.82 in 2 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:

4341.82 = 4000 e^{r \cdot 2}

Solve for

r, 4341.82 = 4000 e^{r \cdot 2} : r = 4.09996 \dots %

Rate : 4.09996 \dots %

Round

4.09996 \dots

to the nearest tenth:

4.1

Rate : 4.1%

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