Pamela J.

asked • 04/30/14

compound interest story problem

Suppose $1000 is invested at interest rate k, compounded continuously, and grows to $1144.54 in 3 years.
 
1) What is the interest rate?
2) What is the exponential growth formula?
3) What is the balance after 8 years?
4) What is the doubling time?

1 Expert Answer

By:

Jonathan F. answered • 04/30/14

Instructor of Finance, Accounting, Economics and Statistics

Still looking for help? Get the right answer, fast.

Ask a question for free

Get a free answer to a quick problem.
Most questions answered within 4 hours.

OR

Find an Online Tutor Now

Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.