A promissory note will pay $41,000 at maturity 4 years from now. If you pay $24,000 for the note now, what rat compounded continuously would you earn? The investment would earn about % compounded continuously. (Round to three decimal places as needed.)

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section: Chapter Questions
Problem 22T
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A promissory note will pay $41,000 at maturity 4 years from now. If you pay $24,000 for the note now, what rate
compounded continuously would you earn?
The investment would earn about % compounded continuously.
(Round to three decimal places as needed.)
Transcribed Image Text:A promissory note will pay $41,000 at maturity 4 years from now. If you pay $24,000 for the note now, what rate compounded continuously would you earn? The investment would earn about % compounded continuously. (Round to three decimal places as needed.)
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