A person places $1690 in an investment account earning an annual rate of 7.2%, compounded continuously. Using the formula V = Pe^{rt}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 8 years.
A person places $1690 in an investment account earning an annual rate of 7.2%, compounded continuously. Using the formula V = Pe^{rt}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 8 years.
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 62SE: A scientist begins with 100 milligrams of aradioactive substance that decays exponentially. After 35...
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A person places $1690 in an investment account earning an annual rate of 7.2%, compounded continuously. Using the formula V = Pe^{rt}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 8 years.
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