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hush asked in Business & FinanceInvesting · 2 months ago

10. CHALLENGE: Lavender is going to invest $8,800 and leave it in an account for 10 years. Assuming the interest is compounded continuously,?

10. CHALLENGE: Lavender is going to invest $8,800 and leave it in an account for 10 years. Assuming the interest is compounded continuously, what interest rate, to the nearest hundredth of a percent, would be required in order for London to end up with $13,400? *

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  • 2 months ago
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    13400/8800=1.5227272727272727272727272727273

    e^(10r)=1.5227272727272727272727272727273

    ln(1.5227272727272727272727272727273)=0.42050298547270489677366417548224

    10r=0.42050298547270489677366417548224

    r=0.042050298547270489677366417548224=4.205%

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