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A savings account starts with $312.50. After 9 years of continuous compounding at an interest rate, r, the account has $1250.
What is the interest rate percentage?

Round the answer to the nearest hundredth.

Respuesta :

hellomiala

P = 312.50

t = 9

r = ?

P(t) = P(9) = 1250

P(t) = Pe^(rt)

P(t) = Pe^(rt)

1250 = (312.50)e^(9r)

1250/312.5 = e^(9r)

4 = e^(9r)

ln(4) = ln(e^(9r))

ln(4) = (9r)ln(e)

[cancel out the e with ln on right side]

ln(4) = (9r)

ln(4) /9 = r

0.15 = r

ANSWER: 0.15 is the interest rate

pstnonsonjoku

The compound interest is computed both on the principal and the interest year on year. The rate of the interest is 0.16 or 16%.

What is savings account?

A savings account is a type of account where an individual can save money for future purposes.

Here we havethe following information;

Principal = $312.50

Time = 9 years

Amount =  $1250.

rate = ?

Using the formula;

A = P(1 + r/n)^nt

Where n =1

1250 = 312.50( 1 + r)^9

1250/312.50 = ( 1 + r)^9

4 = ( 1 + r)^9

1.16 = 1 + r

r = 1.16 -1

r = 0.16 or 16%

Learn more about compound interest: https://brainly.com/question/9904853?

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