A person places $736 in an investment account earning an annual rate of 1.3%, compounded continuously. Using the formula V = Pe

Question

A person places $736 in an investment account earning an annual rate of 1.3%,
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 2 years.

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Vivian 1 hour 2021-09-14T19:11:13+00:00 1 Answer 0

Answers ( )

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    2021-09-14T19:13:00+00:00

    Answer:

      $755.39

    Step-by-step explanation:

    Put the numbers in the formula and do the arithmetic.

      V = P·e^(rt)

      V = $736·e^(0.013·2) ≈ $755.39

    The amount in the account after 2 years is $755.39.

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