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Can u show me how to find the interest rate? Suppose that $10,000 is invested rate r% per year,?
compounded continuously and grows to $ 11, 140.48 in 2 years.
1 Answer
- adam/pennyLv 71 decade agoFavorite Answer
let's say the interest rate for that $10,000.00 is .0555% per year the first years interest would look like this $10,000.00 multplied by .0555 would then be $555.00 - Iinterest for the second year that equasion would look like this $10,555.00 times .0555 the interest would be $585.80 for the 2nd year adding the two together would give you $11,140.80 that's as close as i could come. that's 32 cents over what you have and the only way to reduce that overage is to go back and reduce that .0555 to something smaller like .05549 maybe
you try to figure it out
that's interest times principle for each year.