Question: You have $ 1 5 , 0 0 0 in the bank comfortably earning 8 % interest compounded quarterly. Your cousin needs $ 1 5

You have $

15, 000

in the bank comfortably earning

8 %

interest compounded quarterly. Your cousin needs $

15, 000

to buy a new car. In order to get the same total return, what interest rate r should you request from him if the money you lend him is to be compounded continuously?

Exact interest rate

(

without using a calculator

),

=

Interest rate, as a percent, rounded to

2

decimal places

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