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Use the formula for continuous compounding A = Pert, where A is the account balance after t years for the principal P and annual interest rate r (in decimal form). A deposit of $7000 is placed in a savings account for 2 years. The interest is compounded continuously. At the end of 2 years, the balance in the account is $8297.13. What is the annual interest rate for this account? (Round your answer to one decimal place.)

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Financial Management, Finance

Category:- Financial Management
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