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    Exponential & Logarithmic Models : Continuously Compounding Interest

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    An initial deposit of $3000 is made in a savings account for which the interest is compounded continuously. The balance will double in seven years. What is the annual interest rate for this account?

    Please show all work and logic in getting the answer.

    © BrainMass Inc. brainmass.com March 4, 2021, 6:18 pm ad1c9bdddf
    https://brainmass.com/math/basic-algebra/exponential-logarithmic-models-continuously-compounding-interest-38943

    Solution Summary

    Continuously Compounding Interest is investigated.

    $2.49

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