Answered

Discover a world of knowledge at Westonci.ca, where experts and enthusiasts come together to answer your questions. Ask your questions and receive detailed answers from professionals with extensive experience in various fields. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

A person places $85800 in an investment account earning an annual rate of 8.5%,
compounded continuously. Using the formula V = Pe”t, where Vis 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 9 years.

Sagot :

fichoh

Answer:

$184383.7

Step-by-step explanation:

Using the formula :

V = Pe^rt

Principal, P = 85,800

Rate of interest, r = 8.5% = 0.085

Time = 9

V = 85800 * e^(0.085*9)

V = 85800 * e^0.765

V = 85800 * 2.1489943

V = 184383.71

V = $184,383.7

We appreciate your time. Please come back anytime for the latest information and answers to your questions. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.