If $15,500 is deposited in an account earning interest compounded continuously at 4.00% for 12 years, what is the effective rate of interest? Format answer rounded to 3 decimal places AS A PERCENT. Do NOT include the % sign in your answer.

If $15,500 is deposited in an account earning interest compounded continuously at 4.00% for 12 years, what is the effective rate of interest? Format answer rounded to 3 decimal places AS A PERCENT. Do NOT include the % sign in your answer.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Question

If $15,500 is deposited in an account earning interest compounded continuously at
4.00% for 12 years, what is the effective rate of interest?
Format answer rounded to 3 decimal places AS A PERCENT. Do NOT include the %
sign in your answer.
Examples: 2.745 5.130

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