A person places $82100 in an investment account earning an annual rate of 4.3%, compounded continuously. Using the formula V = Pe^{rt}V=Pe r

Question

A person places $82100 in an investment account earning an annual rate of 4.3%, compounded continuously. Using the formula V = Pe^{rt}V=Pe rt, where V is the value of the account in t 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 2 years.
WILL GIVE BRAINLY IF CORRECT!!

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Verity 4 years 2021-08-09T10:39:14+00:00 1 Answers 74 views 0

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  1. Jezebel
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    2021-08-09T10:40:27+00:00
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    Answer:

    I was taught compound interest this way hopefully it helps.

    100 + interest rate / 100 = multiplier

    100 + 4.3 = 104.3. 104.3/100 = 1.043

    Amount X multiplier to the power of time

    82100 X 1.043^2 = 89312.4029

    as it is a monetary unit round to 2dp

    $89312.40

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