Brayden now has $2,500 in her CD, which has compounded continuously over a period of 12 years. She originally invested $1,800 in her CD. What is the interest rate? Around to the nearest tenth of a percentage.
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
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Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
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Brayden now has $2,500 in her CD, which has compounded continuously over a period of 12 years. She originally invested $1,800 in her CD. What is the interest rate? Around to the nearest tenth of a percentage.
Given:
Principle amount: (P)=$1,800
Amount after 12 years A=$2,500
Rate of interest=?
The formula for compound interest compounded continuously is
A = Pert
where A= Amount after t years
t= Time period
P=Principle amount
r= Rate of interest
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