asked 102k views
5 votes
A person places $26200 in an investment account earning an annual rate of 3.2%, compounded continuously. Using the formula V, equals, P, e, start superscript, r, t, end superscriptV=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 20 years.

asked
User Gamrix
by
7.6k points

1 Answer

2 votes

Answer:

V = $26,200e^(.032×20) = $49,687.80

answered
User Macy
by
8.7k points
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