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?

Question

asked Jan 18, 2023 168k views

1 Answer

Dohashi · Answer 1 · 2023-01-25T19:48:50+0000

Answer:

11.94 %

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 %