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A person places $6860 in an investment account earning an annual rate of 2.9%, compounded continuously. Using the formula
V
=
P
e
r
t
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 11 years.

Respuesta :

sqdancefan

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Answer:

  $9,437.65

Step-by-step explanation:

Fill in the given numbers and do the arithmetic.

  [tex]V=Pe^{rt}\\\\V=\$6860\cdot e^{0.029\cdot 11}=\$6860\cdot 1.375751\\\\\boxed{V=\$9{,}437.65}[/tex]

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