Question

A person places $8890 in an investment account earning an annual rate of 7.7% 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 be nearest cent in the account after 3 years

Answer 1

Answer:

11200.15

Step-by-step explanation:

P=8890

t=3

V=Pe^rt

V=8890e^0.077(3)

V=8890e^0.231

V=11200.15