Alexandra is going to invest $12,000 and leave it in an account for 10 years. Assuming the interest is compounded continuously, what interest rate, to the neare. hundredth of a percent, would be required in order for Alexandra to end up with $19,000? ..... Answer: Submit Answer attempt 1 out of 2/problem 1 out of max 3

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...
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Alexandra is going to invest $12,000 and leave it in an account for 10 years.
Assuming the interest is compounded continuously, what interest rate, to the nearest
hundredth of a percent, would be required in order for Alexandra to end up with
$19,000?
Submit Answer
Answer:
attempt 1 out of 2/problem 1 out of max 3
hp
Transcribed Image Text:Alexandra is going to invest $12,000 and leave it in an account for 10 years. Assuming the interest is compounded continuously, what interest rate, to the nearest hundredth of a percent, would be required in order for Alexandra to end up with $19,000? Submit Answer Answer: attempt 1 out of 2/problem 1 out of max 3 hp
Expert Solution
Step 1

According to question

Alexandra intial amount $12000

After 10 years amount will be $19000

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