224k views
1 vote
A person places $103 in an investment account earning an annual rate of

1.9%, compounded continuously. Using the formula 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 6 years.

1 Answer

0 votes

Answer:

$115.4

Explanation:

V = Pert ( Substitution p . r. t into formula )

= 103 x e^9%x6

=103 x e0.114

=115.4

User Tony Toews
by
7.3k points