minthemouse111 minthemouse111

23-05-2022
Mathematics

contestada

Dale has $1,000 to invest. He has a goal to have $2,600 in this investment in 8 years. At what annual rate compounded continuously will Dale reach his goal?

Respuesta :

jsimpson11000 jsimpson11000

24-05-2022

Answer:

11.94 %

Step-by-step explanation:

Compound interest formula FV = PV e^(it) i = decimal interest per year

t = time FV = future value

2600 = 1000e^(i * 8)

solve for i = 11.94 %

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