Find the Interest Rate Needed for an Investment of $6,000

question 73

Short Answer

Find the interest rate needed for an investment of $6,000 to grow to an amount of $8,000 in 3 year(s) if interest is compounded continuously. Round your answer to the nearest hundredth.
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Interest rate is __________% per year.

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Definitions:

Sandstone

A sedimentary rock composed mainly of sand-sized mineral particles or rock fragments, often used in building construction.

Laocoön

This term refers to a Trojan priest of Poseidon in Greek mythology, who warned against accepting the Greek wooden horse, and to the famous ancient sculpture depicting Laocoön and his sons being attacked by sea serpents.

Aeneid

The "Aeneid" is an epic poem written by the Roman poet Virgil, telling the legendary story of Aeneas, a Trojan who traveled to Italy and became the ancestor of the Romans.

Iliad

An ancient Greek epic poem attributed to Homer, chronicling the siege of Troy and highlighting themes of heroism, wrath, and the follies of gods and men.