Answered

Welcome to Westonci.ca, the place where your questions are answered by a community of knowledgeable contributors. Get immediate and reliable solutions to your questions from a knowledgeable community of professionals on our platform. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

A person places $4080 in an investment account earning an annual rate of 5. 7%,

compounded continuously. Using the formula V = Pent, 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 4 years.


Sagot :

Polyblock

Answer:

$5,124.83

Step-by-step explanation:

We have the formula: V = Pe^rt

Plug in the given information

P = Principal amount (4080)

r = rate (0.057)

t = years (4)

V = 4080e^(0.057)(4)

V = 4080e^0.228

V = 4080(1.2560853)

V = 5124.828024

Thanks for stopping by. We are committed to providing the best answers for all your questions. See you again soon. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.