Answered

Westonci.ca connects you with experts who provide insightful answers to your questions. Join us today and start learning! Our Q&A platform provides quick and trustworthy answers to your questions from experienced professionals in different areas of expertise. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

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

We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.