Lary has 1900 to invest and needs 2400 in 20 years What annu

Lary has $1900 to invest and needs $2400 in 20 years. What annual rate will he need to get in order to accomplish his goal, if interest is compounded continously?

Solution

The formula would be:
A = Pexp(rt)

Solving for r:
A/P = exp(rt)
ln(A/P) = rt
r = ln(A/P) / t

r = ln(2400/1900) / 20
r = 0.0117 or simply 1.17% per year.

Hope this helps