A person places $85800 in an investment account earning an annual rate of 8.5%,

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

account int 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.

Question

08-02-2021
Mathematics

Answered

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A person places $85800 in an investment account earning an annual rate of 8.5%,

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

account int 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 :

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