anonymous
  • anonymous
Suppose that $2500 is initially invested in an account at a fixed interest rate, compounded continuously. Suppose also that, after three years, the amount of money in the account is $2695. Find the interest rate per year. Write your answer as a percentage. Do not round any intermediate computations, and round your percentage to the nearest hundredth.
Mathematics
  • Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
SOLVED
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
chestercat
  • chestercat
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
anonymous
  • anonymous
is it 6.5%
anonymous
  • anonymous
or .65%?
anonymous
  • anonymous
$2,695 = 25OO e^(3r) => r = (1/3) ln ( 2,695/ 2500 ) = 2.5%

Looking for something else?

Not the answer you are looking for? Search for more explanations.

More answers

anonymous
  • anonymous
woah, i was way off then
anonymous
  • anonymous
Do you apply correct formula?
anonymous
  • anonymous
I did what one of my classmates said too... lol
anonymous
  • anonymous
First, you need to apply the compound continous one, second you should practice enter the formula into calculator properly!
anonymous
  • anonymous
okay, thank you.
anonymous
  • anonymous
Any question?
anonymous
  • anonymous
nope:)

Looking for something else?

Not the answer you are looking for? Search for more explanations.