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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 = = Pent, where V is the value of the

account in tyears, 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 16 years.

Respuesta :

samuelonum1

Answer:

$1408.74

Step-by-step explanation:

Given data

P= $531

T= 16 year

R= 6.1%

We are given the expression

[tex]V= Pe^r^t[/tex]

Required

the final amount V

substituting our data into the expression

[tex]V=531*e^{0.061*16}\\\\V=531*e^{0.976}\\\\V=531*2.653\\\\V=1408.743[/tex]

Hence the amount of money is $1408.74

Answer:

1409.18

Step-by-step explanation:

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