Answer:
9%
Step-by-step explanation:
Given that
The invested amount is $1,000
The future value is $2,400
The time period is 12 years
We need to find out the annual rate that compounded continously
So,
As we know that
Amount = Present value × e^(rate × time)
$2,500 = $1,000 × e^(rate × 12)
2.5 = e^(rate × 12)
ln 2.5 = 10r
ln 2.5 ÷ 10 = r
r = 9%
