1 Andrea deposited $5,000 into a 30-year retirement account which compounds continuously. If she does not make any additional deposits or withdrawals and the account finishes with $31,640.50, determine the interest rate. Round r to 4 decimal places then write the decimal as a percentage
1 Andrea deposited $5,000 into a 30-year retirement account which compounds continuously. If she does not make any additional deposits or withdrawals and the account finishes with $31,640.50, determine the interest rate. Round r to 4 decimal places then write the decimal as a percentage
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
Related questions
Question
Transcribed Image Text:1
1
Andrea deposited $5,000 into a 30-year retirement account which
compounds continuously. If she does not make any additional
deposits or withdrawals and the account finishes with $31,640.50,
determine the interest rate.
Round r to 4 decimal places then write
the decimal as a percentage
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Elementary Algebra
Algebra
ISBN:
9780998625713
Author:
Lynn Marecek, MaryAnne Anthony-Smith
Publisher:
OpenStax - Rice University
Elementary Algebra
Algebra
ISBN:
9780998625713
Author:
Lynn Marecek, MaryAnne Anthony-Smith
Publisher:
OpenStax - Rice University