Question 1086721
The formula for continuous interest is A=Pe^rt, where A is the total amount, P is the principal, or, initial amount, r is the nominal interest rate, and t is the time invested, in years. Therefore:
6797.62=6000*e^8r
Then:
1.1329367=e^8r
ln 1.1329367=ln e^8r
ln 1.1329367=8r ln e=8r
ln 1.1329367 /8=0.0156016=r
r=1.56016%
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