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


Jonathan F. answered • 04/30/14

Instructor of Finance, Accounting, Economics and Statistics

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