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A person places $3230 in an investment account earning an annual rate of 5.8%, compounded continuously. Using the formula V = P * e ^ (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 16 years .

User Senthil Arumugam SP
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1 Answer

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Answer:

V=3230*E^(5.8%*1)=3422.88

Step-by-step explanation: V=3230*E^(5.8%*1)=3422.88

r=5.8%

t=1

P=3230

User Franchesco
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