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A starting principal of 6000 continuously compounds for 8 years, resulting in an acquired amount of 9000. Find the interest rate that produced this amount. Answer as a percentage rounded to two decimal places.

Solution

Solution

Rate : 5.19895 \dots %

Solution steps

Translate the problem into an equation:

9000 = 6000 (1 + \frac{r}{1})^{1 \cdot 8}

Solve for

r, 9000 = 6000 (1 + \frac{r}{1})^{1 \cdot 8} : r = 5.19895 \dots %

Rate : 5.19895 \dots %

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