A person places $103 in an investment account earning an annual rate of
1.9%, compounded continuously. Using the formula V = Pert 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 6 years.

Question

05-12-2022
Mathematics

Answered

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A person places $103 in an investment account earning an annual rate of
1.9%, compounded continuously. Using the formula V = Pert 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 6 years.

Sagot :

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