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Emmanuel D.

Finite Mathematics and Calculus with Applications

4 days, 6 hours ago

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Find the effective rate of interest. For $6 \%$ compounded continuously

Chapter 5

Exponential and Logarithmic Functions

Section 7

Financial Models

So in this question, we're asked to find the effective rate of interest on we're told that it is compounded continues. We know immediately they were going to use this equation. Where is a constant eyes to given interest rate on ours? Effective rate of interest, which is what we're trying to find. So, given I toe, 6% is your six. And so it could just put that in to our equation. Each part soup into six minus one. That would give us a final answer. You're 68 which is equal to 6.18%.

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