Answered

Explore Westonci.ca, the leading Q&A site where experts provide accurate and helpful answers to all your questions. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

Joshua is going to invest $490 and leave it in an account for 5 years. Assuming the interest is compounded continuously, what interest rate, to the nearest tenth of a percent, would be required in order for Joshua to end up with $620?

Sagot :

Answer: 4.7%

Step-by-step explanation:

A=Pe^rt

A=620. P=490. t=5

620 = 490e^r(5)

620/490 = 490e^5r/490

1.2653061 = e^5r

In(1.2653061) = In(e^5r)

In (1.2653061)/5 = 5r/5

0.0470628 = r

4.70628% = r

r = 4.7%

Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.