Question

A person places $741 in an investment account earning an annual rate of 5.8%, compounded continuously. Using the formula =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 13 years.

again yea im putting my hw here

Answer 1

Explanation:

Answer 2

Explanation:

Using the formula V = Pe^(rt), we have:

P = $741

r = 0.058 (since the interest rate is 5.8%)

t = 13

So, V = 741e^(0.05813) = $1613.87 (rounded to the nearest cent)

Therefore, the amount of money in the account after 13 years is $1613.87.