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1 month ago

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A person places $479 in an investment account earning an annual rate of 8.2%, 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 12 years.

1 answer:

babunello [11.8K]1 month ago

7 0

Answer:

Step-by-step explanation:

We start with the information provided

$V = Pe^{rt}$

$P = 479$

$r = 8.2\%$

$t = 12$

Next, we need to calculate V

To carry this out, we simply plug the values of P, r, and t into the formula.

$V = Pe^{rt}$ Next,[TAG_75]]

$V = 479 * e^{8.2\% * 12}$

Convert the percentage to decimal form

$V = 479 * e^{0.082 * 12}$

$V = 479 * e^{0.984}$

$V = 479 * 2.675135411$

$V = \$1281.38986187$

Convert it to cents.

$V = 1281.38986187 * 100\ cents$

$V = 128138.986187\ cents$

$V = 128139\ cents$ -- Approximated

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