A person places $2150 in an investment account earning an annual rate of 3.3%, compounded continuously. Using the formula V= Pe^rt, 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 2 years.
A person places $2150 in an investment account earning an annual rate of 3.3%, compounded continuously. Using the formula V= Pe^rt, 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 2 years.
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 8RE: Suppose an investment account is opened with aninitial deposit of 10,500 earning 6.25...
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A person places $2150 in an investment account earning an annual rate of 3.3%, compounded continuously. Using the formula
V= Pe^rt, 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 2 years.
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