Question

You put $5000 in an investment account with interest compounded

continuously. Calculate the approximate annual interest needed for the
account to grow to $10,000 after 20 years.

Answer 1

3.465 %

Explanation:

10000 = 5000
`e^(20r)`

2=
`e^(20r)`

ln(2) = 20r ln(e)

r = ln(2)/20

r = 0.03465