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Question

Suppose that $20,000 is invested at continuous rate r and grows to$81,104 in 28 years. Find the interest rate r.

Solution

VerifiedAnswered 11 months ago

Answered 11 months ago

Step 1

1 of 5It is given that $\$20,000$ is invested at $r$, compounded continuously, and it grows to $\$81,104$ in $28$ 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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