SOLUTION: Daniel deposits $8,000 into a continuously compounding interest account. After 18 years there is $13,006.40 in the account. What was the interest rate?
I have no idea how to
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Question 1176991: Daniel deposits $8,000 into a continuously compounding interest account. After 18 years there is $13,006.40 in the account. What was the interest rate?
I have no idea how to do these and I tried looking at videos and they didn't help me, so answering these would be greatly appreciated.
Answer by Solver92311(821) (Show Source): You can put this solution on YOUR website!
Plugin your numbers
Take the natural log of both sides
\ =\ \ln\(\frac{13006.40}{8000}\))
\ =\ \ln\(\frac{13006.40}{8000}\))
Since 
:
}{18})
You can do your own arithmetic.
John
My calculator said it, I believe it, that settles it
From
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