Question

A savings account starts with $181.25. After 7 years of continuous compounding at an interest rate, r, the account has $1450.

What is the interest rate percentage?
Round the answer to the nearest hundredth.

Answer 1

29.71

Explanation:

Continuous Compounding Formula = P x e^(r x t)

= 181.25 x e^(0.29710000000000003 x 7) = 1450.37