1000 dollars grows to 1 million dollars after 60 years in a bank. If interest...

60.1K

Verified Solution

Question

Calculus

image

1000 dollars grows to 1 million dollars after 60 years in a bank. If interest is compoundedcontinuously, what is the rate of interest per year?a 1.83%b. 11.51%c. 28.13%d. 3.84%e 0.12%

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students