A person places $13000 in an investment account earning an annual rate of 7.4%, compounded continuously. Using the formula V = Pet, wh

Question

A person places $13000 in an investment account earning an annual rate of 7.4%,
compounded continuously. Using the formula V = Pet, where Vis the value of the
account int years, P is the principal initially invested, e is the base of a natural
logarithm, and r is the rate of interest, determine the amount of money, to the
nearest cent, in the account after 19 years.

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Farah 4 years 2021-08-22T00:20:35+00:00 1 Answers 97 views 0

Answers ( )

  1. Acacia
    0
    2021-08-22T00:22:14+00:00
    Reply

    Answer: r=7.4%=0.074

    Move decimal over two places

    P=13000

    Given as the principal

    t=19

    Given as the time

    V=Pe^{rt}

    V=13000e^{0.074( 19)}

    Plug in

    V=13000e^{1.406}

    Multiply

    V=53034.856≈53034.86

    Use calculator and round to nearest cent

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