Find the Interest Rate Needed for an Investment of $3,000

question 99

Short Answer

Find the interest rate needed for an investment of $3,000 to grow to an amount of $4,000 in 3 yr if interest is compounded continuously. Please round the answer to the nearest hundredth of percent.
__________ %/yr

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Definitions:

Degrees of Freedom

The number of independent values or quantities that can vary in the calculation of a statistic, often necessary for assessing the significance of the statistic.

Student t Distribution

The Student t-distribution is a probability distribution used in statistics, especially in situations where the sample size is small and the population variance is unknown.

Mean

The arithmetic average of a set of numbers, calculated by adding them together and dividing by the count of numbers.

F Distribution

The F distribution is a continuous probability distribution that arises in the analysis of variances tests, specifically in comparing statistical models.