SOLUTION: Lucy is going to invest $10,000 and leave it in an account for 13 years. Assuming the interest is compounded continuously, what interest rate, to the nearest tenth of a percent, wo

Question 1154396: Lucy is going to invest $10,000 and leave it in an account for 13 years. Assuming the interest is compounded continuously, what interest rate, to the nearest tenth of a percent, would be required in order for Lucy to end up with $13,000?
Answer by ikleyn(52794) (Show Source): You can put this solution on YOUR website!
.


13000 = 


 = 


1.3 = 


Take the natural logarithm from both sides


ln(1.3) = 13t


t =  = 0.020182 = 2.018%.      ANSWER

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