Question

A person places $207 in an investment account earning an annual rate of 5.2%, compounded continuously. Using the formula V = Pe^{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 19 years.

Answer 1

Answer:

$555.97

Step-by-step explanation:

V = Pe^{rt}

V = 207 * e^(.052 * 19)

V = 207 * e^0.988

V = 555.97