Quantitative analysis for business and economics

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Quantitative Analysis for Business and Economics

An amount of $47580 is invested in a term deposit which earns continuous compounded interest daily. Then, as each term expires, the balance is rolled over and reinvested at the best interest rate with daily continuous compounding that is available. After nine years the total balance of $83979 is withdrawn. What annual rate of interest has been earned over this period?

(Express your answer as a decimal, correct to 4 places rather than as a %.)

Reference no: EM132387898

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