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Question

Suppose that $10,000 is invested at continuous rate r and grows to$17,160 in 9 years. Find the interest rate r.

Solution

VerifiedAnswered 7 months ago

Answered 7 months ago

Step 1

1 of 5It is given that $\$10,000$ is invested at $r$ compounded continuously and it grows to $\$17,160$ in $9$ years.

The goal of this task is to find the interest rate $r$.

*Can we use any formula for the future value if the interest is compounded continuously?*

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