Question

simple interest formula? 30000 earned 500 in 2years. what is the interest rate? sd

Answer 1

PERT

Answer 2

y = P*e^(r*t)

Answer 3

still don't know what e^ is.

Answer 4

step 1. 500 = 30000*e^(r*2)
step 2. 0.0166666667 = e^(2r)
step 3. ln (0.01667) = ln (e^(2r))
step 4. ln (0.01667) = 2r
step 5. r = [ln(0.01667)]/2

Answer 5

e is exponential ln is natural log

Answer 6

that's not simple interest, that's continuous compounding interest

Answer 7

500 = 30000 * 2 * r
r = 500 / 60000 = .083333 = 8.3333..%

Answer 8

thx . that's what i was looking for!

Answer 9

except i am getting .008 or.8%?