Question

A person places $262 in an investment account earning an annual rate of 3.7%,

Answer 1

Answer:

$315.24

Step-by-step explanation:

Principal, P =$262

Rate, r= 3.7% =0.037

Time, t= 5 Years

The Value of the Investment which is compounded continuously is gotten using the formula:

$V=Pe^{rt}\\=262*e^{0,037*5}\\=\ 315.24$

The value of the investment after 5 years is $315.24 to the nearest cent.