A person places $531 in an investment account earning an annual rate of 6.1%, compounded continuously. Using the formula V = = P

Question

A person places $531 in an investment account earning an annual rate of 6.1%,

compounded continuously. Using the formula V = = Pent, where V is the value of the

account in tyears, 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 16 years.

in progress 0
Thành Đạt 3 months 2021-08-25T17:12:19+00:00 2 Answers 2 views 0

Answers ( )

    0
    2021-08-25T17:13:41+00:00

    Answer:

    $1408.74

    Step-by-step explanation:

    Given data

    P= $531

    T= 16 year

    R= 6.1%

    We are given the expression

    V= Pe^r^t

    Required

    the final amount V

    substituting our data into the expression

    V=531*e^{0.061*16}\\\\V=531*e^{0.976}\\\\V=531*2.653\\\\V=1408.743

    Hence the amount of money is $1408.74

    0
    2021-08-25T17:14:16+00:00

    Answer:

    1409.18

    Step-by-step explanation:

Leave an answer

Browse

Giải phương trình 1 ẩn: x + 2 - 2(x + 1) = -x . Hỏi x = ? ( )