Question

Suppose that $1300 is initially invested in an account at a fixed interest rate, compounded continuously. Suppose also that, after two and a half years, the amount of money in the account is $1367. Find the interest rate per year

Answer 1

hey u there

Answer 2

hello?

Answer 3

yes

Answer 4

i figured out the answer already its 26.80% :)

Answer 5

wait how did u get that

Answer 6

1300-1367=67
67/30=2.23333
(ans)*12=26.80

check...
26.8*2.5=67
1300+67 from 2.5 years =1367

Answer 7

Umm, it's actually about 2.013%:

http://fwd4.me/0udS

Remember, this is continuous compounding.

Also, 26.8% of 1300 is 348.40, which is way more than 67.