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OpenStudy (anonymous):
$2895 is invested into a savings account and compounded continuously. What interest rate is required for the investment to triple in 12 years? PLEASE HELP
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OpenStudy (anonymous):
A=Pe^rt formula
OpenStudy (danjs):
using the formula you gave, and assuming the rate compounds once per year, P=2895 A=3*P = 8685 t=3 compounded per year or t=36 (compounded monthly) solve for the rate r.
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