Asked by Gary

The balance in an account triples in 20 years. Assuming that interest is compounded continuously, what is the annual percentage rate?
I found the equation: y=e^(xln3/20) assuming that y0=1
I got 5.64%, is that right?
Answered by bobpursley
y=1e^(.0564)(20)=3.09, close but over 3 times.
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