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A person places $531 in an investment account earning an annual rate of 6.1%,compounded continuously. Using the formula V = Pe", where V is the value of theaccount in t years, P is the principal initially invested, e is the base of a naturallogarithm, and ris the rate of interest, determine the amount of money, to thenearest cent, in the account after 16years.

Sagot :

This is the solution, Qxk:

Step 1: Let's review the information provided to us to answer the problem correctly:

Principal = $ 531

Interest rate = 6.1% (0.061) compounded continously

Term = 16 years

Step 2: Let's find the future value of this investment, as follows:

V = Pe^t*r

V

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