sandy8866
sandy8866 sandy8866
  • 09-10-2019
  • Mathematics
contestada

An initial investment of $350 is worth $429.20 after six years of continuous compounding. Find the
annual interest rate.

Respuesta :

adrianaflora738
adrianaflora738 adrianaflora738
  • 09-10-2019

Answer:

Interest Rate : 0.0346 or 3.46%

Step-by-step explanation:

• 429.2=350*(1+x)^6

• 429.2/350= (1+x)^6

•(429.2/350)^(1/6)= 1+x

•(429.2/350)^(1/6)-1= x

Check work:

350*(1+0.0346)^6=429.2

Answer Link

Otras preguntas

89 more than the quotient of an unknown and 62 is 94
1) All life is full of suffering, pain, and sorrow. 2) The cause of suffering is nonvirtue, or negative deeds and mindsets such as hated and desire. 3) The only
how are cells affected by the movement of water
A rectangular swimming pool measures 15 meters by 7 1/4 meters. What is the area of the swimming pool?
how is pillow lava evidence of sea-floor spreading?
Which of the following is a guideline for managers to evaluate employees?
She is as sweet as pie. a. Personification b. Simile c. Hyperbole d. Metaphor
Write 1.33 as a percentage
Arrange the steps for measuring heart rate in the correct order from start to finish. a. Make a fist. b. Feel a pulse. c. Count for 10 seconds. d. Find a radial
why is Assimilation important