SOLUTION: Find the effective rate of interest for 7% compounded continuously.

Question 1153385: Find the effective rate of interest for 7% compounded continuously.
Answer by ikleyn(52798) (Show Source): You can put this solution on YOUR website!
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Find the effective growing factor value of this account for 1 year.


It is   =  = 1.072784.


Hence, equivalent effective rate of interest for this account is 0.073 = 7.3% (approximately) per year.    ANSWER

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SOLUTION: Find the effective rate of interest for 7​% compounded continuously.

SOLUTION: Find the effective rate of interest for 7% compounded continuously.