Question

You invest a single deposit of $6000 for 8 years at an interest rate that is compounded continuously. The future value of the investment is 12,261. What is the APR of this investment? Enter your answer as a percent, rounded to one decimal place. You only need to enter the numbers, not the % symbol.

          You invest a single deposit of $6000 for 8 years at an interest rate that is compounded continuously. The future value of the investment is 12,261.

What is the APR of this investment?

Enter your answer as a percent, rounded to one decimal place. You only need to enter the numbers, not the % symbol.

You invest a single deposit of 6000 for 8 years at an interest rate that is compounded continuously. The future value of the investment is 12,261.

What is the APR of this investment?

Enter your answer as a percent, rounded to one decimal place. You only need to enter the numbers, not the % symbol.

Added by Angel J.

Calculus: Early Transcendentals

James Stewart 8th Edition

Instant Answer

Solved by Expert Vishal Parmar

08/29/2022

Step 1

Step 1:** Given values: - Principal amount (p) = $6000 - Future value (a) = $12261 - Time period (t) = 8 years Using the formula for continuously compounded interest: \[ a = p \times e^{rt} \] ** Show more…

Show all steps

Thanks for your feedback!

You invest a single deposit of $6000 for 8 years at an interest rate that is compounded continuously. The future value of the investment is 12,261. What is the APR of this investment? Enter your answer as a percent, rounded to one decimal place. You only need to enter the numbers, not the % symbol.