Question

(1 point) Assume you invest $ 6800 in an account that pays an annual interest rate of 5.2 % that will be compounded continuously.
(a) How much money is in the account after 10 years with the given rate? $
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(b) If you want the account to contain $ 8200 after 10 years, what yearly interest rate is needed?

Answer 1

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(a) The amount of money in the account after 10 years with the given rate is $10,845.45.

(b) The yearly interest rate needed to have $8200 in the account after 10 years is 4.3%.