A promissory note will pay $50,000 at maturity 8 years from now. If you pay $23,000 for the note now, what rate compounded continuously would you earn? The investment would earn about % compounded continuously. (Round to three decimal places as needed.)
A promissory note will pay $50,000 at maturity 8 years from now. If you pay $23,000 for the note now, what rate compounded continuously would you earn? The investment would earn about % compounded continuously. (Round to three decimal places as needed.)
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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Transcribed Image Text:A promissory note will pay $50,000 at maturity 8 years from now. If you pay $23,000 for the note now, what rate
compounded continuously would you earn?
The investment would earn about % compounded continuously.
(Round to three decimal places as needed.)
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