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A person places $66800 in an investment account earning an annual rate of 1%, 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 15 years.

Sagot :

samuelonum1

Answer:

$77554.8

Step-by-step explanation:

Given data

Principal=  $66800

Rate= 1%

Time= 15 years

The expression for the amount is

[tex]V=Pe^{rt}[/tex]

substitute

[tex]V = 66800e^{0.01*15}[/tex]

[tex]V = 66800e^{0.15}[/tex]

[tex]V = 66800*1.161\\\\V=77554.8[/tex]

Hence the amount is $77554.8

Answer:

V=77610.5274≈77610.53

Step-by-step explanation:

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