Suppose that $1600 is initially invested in an account at a fixed interest rate, compounded continuously. Suppose also that, after six years, the amount of money in the account is $2067. Find the interest rate per year. Write your answer as a percentage. Do not round any intermediate computations, and round your percentage to the nearest hundredth. % per year

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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Suppose that $1600 is initially invested in an account at a fixed interest rate, compounded continuously. Suppose also that, after six years, the amount of
money in the account is $2067. Find the interest rate per year.
Write your answer as a percentage. Do not round any intermediate computations, and round your percentage to the nearest hundredth.
|% per year
Transcribed Image Text:Suppose that $1600 is initially invested in an account at a fixed interest rate, compounded continuously. Suppose also that, after six years, the amount of money in the account is $2067. Find the interest rate per year. Write your answer as a percentage. Do not round any intermediate computations, and round your percentage to the nearest hundredth. |% per year
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