Peyton is going to invest $71,000 and leave it in an account for 18 years. Assuming the interest is compounded continuously, what interest rate, to the nearest hundredth of a percent, would be required in order for Peyton to end up with $106,000?

Peyton is going to invest $71,000 and leave it in an account for 18 years. Assuming the interest is compounded continuously, what interest rate, to the nearest hundredth of a percent, would be required in order for Peyton to end up with $106,000?

Intermediate Algebra

10th Edition

ISBN:9781285195728

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter11: Exponential And Logarithmic Functions

Section11.2: Applications Of Exponential Functions

Problem 27PS

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Question

Peyton is going to invest $71,000 and leave it in an account for 18 years. Assuming the interest is compounded continuously, what interest rate, to the nearest hundredth of a percent, would be required in order for Peyton to end up with $106,000?

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