A person places $13900 in an investment account earning an annual rate of 2.8%, compounded continuously. Using the formula V = P

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2 years ago

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A person places $13900 in an investment account earning an annual rate of 2.8%, compounded continuously. Using the formula V = P

e^{rt}V=Pe 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 18 years.

Mathematics