Find the interest rate needed for an investment of 9000 to g
Find the interest rate needed for an investment of $9,000 to grow to $11,000 in 8 years if interest is compounded continuously. (Round your answer to the nearest hundredth of a percentage point.)
Solution
as it is compounded it is equivalent to P = $9000, r = ? %, t = 8*365 , A = 11000 so A = P ( 1-r)^t 11000=9000*(1+r)^2920 r = 6.87*10^-5 daily so rate per annum = 2.508 %