SOLUTION: What rate of interest compounded continuously is needed for an investment of $3000 to grow to $15,000 in 30 years?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: What rate of interest compounded continuously is needed for an investment of $3000 to grow to $15,000 in 30 years?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 865306: What rate of interest compounded continuously is needed for an investment of $3000 to grow to $15,000 in 30 years?
Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
FV+=+PV%2Ae%5Ert
15000+=+3000%2Ae%5E%2830r%29
e%5E%2830r%29+=+5
30r = ln(5)
r = ln(5)/30
In %, r = 100ln(5)/30