Answered

Looking for answers? Westonci.ca is your go-to Q&A platform, offering quick, trustworthy responses from a community of experts. Find reliable answers to your questions from a wide community of knowledgeable experts on our user-friendly Q&A platform. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.

A person places $37700 in an investment account earning an annual rate of 5%,

compounded continuously. Using the formula V = Peșt, 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 16 years.

Sagot :

abidemiokin

Answer:

8,229,437 cents

Step-by-step explanation:

Using the compound interest formula;

A = P(1+r)^n

Given

Principal invested = $37700

rate r = 5% = 0.05

Time t = 16years

Substitute into the formula

A = 37700(1+0.05)^16

A  = 37700(1.05)^16

A = 37700(2.1829)

A = 82,294.37

Hence the amount of money, to the  nearest cent, in the account after 16 years is 8,229,437 cents

We appreciate your visit. Hopefully, the answers you found were beneficial. Don't hesitate to come back for more information. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.