Assume you invest $ 7500 in an account that pays an annual interest rate of 5.2 % that will be compounded continuously.

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Assume you invest $ 7500 in an account that pays an annual interest rate of 5.2 % that will be compounded continuously.

Mathematics
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How much money is in the account after 13 years with the given rate? $14744.98
If you want the account to contain $ 9200 after 13 years, what yearly interest rate is needed?
@welshfella Can you help me?

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Other answers:

for the first one it is 7500(1 .052)^13
I get a slightly different result to you Did you use the above formula?
I used P=7500e^(0.052)(13)
oh yes its compounded continuously! I overlooked that
I'm just confused on how you get the answer to this: If you want the account to contain $ 9200 after 13 years, what yearly interest rate is needed?
P becomes 9200 and put x for 0.052 then solve for x.
9220 = 7500e^(13x)
can you solve that?
I agree with your first answer
How do I solve for x?
first divide both sides by 7500 e^13x = 1.22666667 now take logs of both sides ln e^13x = ln 1.226666667 13x = ln 1.226666667 x = ln 1.226666667 / 13
do you follow that ?
ln means log to the base e so if we have e^x then the log of it is x
if you have a variable as an exponent a good way to solve is to take logs
Got it! 1.57%
Thanks so much!!!
grab ur calculator and divide ln 1.226666667 by 13
1.57 is correct
1.57%
yw

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