Question:

2 A person places $4760 in an investment account earning an annual rate of 1.6%, compounded continuously. Using the formula V =

2
A person places $4760 in an investment account earning an annual rate of 1.6%,
compounded continuously. Using the formula V = Pert, 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 7 years.
a

2 A person places $4760 in an investment account earning an annual rate of 1.6%, compounded continuously. Using the formula V = Pert, 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 7 years. a