A person places $8890 in an investment account earning an annual rate of 7.7%, compounded continuously. Using the formula V = Pet, 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 3 years.

Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter4: Exponential And Logarithmic Functions
Section4.2: The Natural Exponential Function
Problem 2E
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A person places $8890 in an investment account earning an annual rate of 7.7%,
compounded continuously. Using the formula V = Pet, 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 3 years.
Transcribed Image Text:A person places $8890 in an investment account earning an annual rate of 7.7%, compounded continuously. Using the formula V = Pet, 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 3 years.
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