anonymous
  • anonymous
Find the interest rate needed for an investment of $4300 to double in 3 yr if interest is compounded continuously. (Round your answer to two decimal places.)
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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jamiebookeater
  • jamiebookeater
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anonymous
  • anonymous
Start by using the continuous compounding formula: \[A=Pe ^{rt}\]
anonymous
  • anonymous
Where A is your final amount, P is your original investment, e is Euler's constant (the e^ button on a calculator), t is time, and r is the rate written as a decimal.
anonymous
  • anonymous
Your equation would look like \[8600=4300e ^{3r}\]

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anonymous
  • anonymous
To solve, get the exponential part by itself by dividing both sides by 4300. Then, get the 3r out of the exponent by taking the natural logarithm of both sides (the ln button on your calculator). This will cancel out the e on the right side and leave 3r. Finally, divide both sides of the equation by 3.
anonymous
  • anonymous
thank you

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