Lester deposited 8,815.00 into a new savings account that earns interest compounded continuously. After 10 years, the balance in the account was 32,646.00. What was the interest rate on the account?

Soluzione

Lester deposited 8, 815.00 into a new savings account that earns interest compounded continuously. After 10 years, the balance in the account was 32, 646.00. What was the interest rate on the account?

Soluzione

Rate : 13.09267 \dots %

Fasi della soluzione

Translate the problem into an equation:

32646 = 8815 e^{r \cdot 10}

Risolvi per

r, 32646 = 8815 e^{r \cdot 10} : r = 13.09267 \dots %

Rate : 13.09267 \dots %

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