58) Ben Franklin bequeathed $4000.00 to the city of Boston in 1790. Assuming the fund grew to $15 million in 200 years, find the interest rate compounded continuously that would yield this tota value. A) 6.3% B) 3.2% C) 2.1% D) 4.1%

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section8.3: Geometric Sequences And Series
Problem 8ECP: An investor deposits $70 on the first day of each month in an account that pays 2 interest,...
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58) Ben Franklin bequeathed $4000.00 to the city of Boston in 1790. Assuming the fund grew to
$15 million in 200 years, find the interest rate compounded continuously that would yield this total
value.
A) 6.3%
B) 3.2%
C) 2.1%
D) 4.1%
Transcribed Image Text:58) Ben Franklin bequeathed $4000.00 to the city of Boston in 1790. Assuming the fund grew to $15 million in 200 years, find the interest rate compounded continuously that would yield this total value. A) 6.3% B) 3.2% C) 2.1% D) 4.1%
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