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## 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.

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Mathematics
5 months
2021-08-25T17:12:19+00:00
2021-08-25T17:12:19+00:00 2 Answers
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## Answers ( )

Answer:$1408.74Step-by-step explanation:Given data

P= $531

T= 16 year

R= 6.1%

We are given the expression

Required

the final amount V

substituting our data into the expression

Hence the amount of money is $1408.74Answer:1409.18

Step-by-step explanation: