A person places $5540 in an investment account earning an annual rate of 2.5%, compounded continuously. Using the formula V = Pe"t, 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, andris the rate of interest, determine the amount of money, to the nearest cent, in the account after 20 years.

A person places $5540 in an investment account earning an annual rate of 2.5%, compounded continuously. Using the formula V = Pe"t, 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, andris the rate of interest, determine the amount of money, to the nearest cent, in the account after 20 years.

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.1: Exponential Functions

Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...

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