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Populaire Word Problems >

Oliver deposited 7,000.00 into a new savings account that earns interest compounded continuously. After 1 year, the balance in the account was 7,690.00. What was the interest rate on the account?

Solution

Ol i v er d e p os i t e d 7, 000.00 in t o a n e w s a v in g s a cco u n t t ha t e a r n s in t eres t co m p o u n d e d co n t in u o u s l y . A f t er 1 ye a r, t h e ba l an ce in t h e a cco u n t w a s 7, 690.00. Wha t w a s t h e in t eres t r a t e o n t h e a cco u n t ?

Solution

Rate : 9.40106 \dots %

étapes des solutions

Translate the problem into an equation:

7690 = 7000 e^{r \cdot 1}

Solutionner pour

r, 7690 = 7000 e^{r \cdot 1} : r = 9.40106 \dots %

Rate : 9.40106 \dots %

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