SOLUTION: A person places $8890 in an investment account earning an annual rate of 7.7%, compounded continuously. Using the formula V = Pe^{rt}V=Pe rt, where V is the value of the account in

Question 1155108: A person places $8890 in an investment account earning an annual rate of 7.7%, 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 3 years.
Answer by josgarithmetic(39620) (Show Source): You can put this solution on YOUR website!

Just make the substitutions for .
RELATED QUESTIONS
Matt places $1,200 in an investment account earning an annual rate of 6.5%, compounded... (answered by stanbon)

how much money will there be in an account at the end of 7 years of 11000 is deposited at (answered by Alan3354)

Bill places $10,000 in an investment account earning an annual rate of 5.1% compounded... (answered by texttutoring)

Most scholarships are established by making a one time deposit into an account. The... (answered by Glaviolette)

The amount of money in an account with continuously compounded interest is given by the... (answered by ikleyn,MathTherapy)

1. A university invests $100,000 into an account that pays a 4.75% annual rate compounded (answered by ikleyn)

Find the interest rate needed for an investment of $5600 to double in 7 yr if interest is (answered by lwsshak3)

Hannah places $7500 into an account earning 7% interest compounded continuously, how much (answered by htmentor)

Find the doubling time of an investment earning 7% interest if interest is compounded... (answered by ewatrrr)