Answered step by step
Verified Expert Solution
Question
1 Approved Answer
What annual rate with continuous compounding would be required for a debt of $1,816 to grow into $3,212 in 15.3 years? In this question you
What annual rate with continuous compounding would be required for a debt of $1,816 to grow into $3,212 in 15.3 years?
In this question you will need to solve for r in FV = PVert. Start by dividing both sides by PV. Then use logarithms to "bring down" the exponent.
Round your answer to the nearest tenth of a percent.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started