SOLUTION: Larry has $2600 to invest and needs $3100 in 13 years. What annual rate of return will he need to get in order to accomplish his goal, if interest is compounded continuously? (Roun

Algebra ->  Finance -> SOLUTION: Larry has $2600 to invest and needs $3100 in 13 years. What annual rate of return will he need to get in order to accomplish his goal, if interest is compounded continuously? (Roun      Log On


   

Question 374017: Larry has $2600 to invest and needs $3100 in 13 years. What annual rate of return will he need to get in order to accomplish his goal, if interest is compounded continuously? (Round your answer to two decimals.)
a.1.35%
b.3.44%
c.1.44%
d.2.44%''.
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
A) 1.35%
A=P(e)^rt
A=2600(2.7183)^r(13)