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Popular Word Problems >

Sandra decided to invest 14,329 into a savings account that compounds continuously. After 12 years, the account has a balance of 26,282.47. At what interest rate is the account compounding?

Solución

S an d r a d ec i d e d t o in v es t 14, 329 in t o a s a v in g s a cco u n t t ha t co m p o u n d s co n t in u o u s l y . A f t er 12 ye a rs, t h e a cco u n t ha s a ba l an ce o f 26, 282.47. A t w ha t in t eres t r a t e i s t h e a cco u n t co m p o u n d in g ?

Solución

Rate : 5.05513 \dots %

Pasos de solución

Translate the problem into an equation:

26282.47 = 14329 e^{r \cdot 12}

Resolver para

r, 26282.47 = 14329 e^{r \cdot 12} : r = 5.05513 \dots %

Rate : 5.05513 \dots %

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