SOLUTION: Find the effective rate of interest for 8​% compounded continuously. ​(Round to three decimal places as​ needed.)

The growing coefficient (growing factor) in this case is, by the definition


    r =  =  = 1.083287,


where  e = 2.71828 is the base of natural logarithms (the Euler's number).


Thus the equivalent effective rate of interest compounded annually is 8.3%, approximately.