A person places 50 in an investment account earning an annual rate of 5.3%, compounded continuously. Using the formula V = Pe^{rt}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 10 years.

Don't use plagiarized sources. Get Your Custom Essay on

A person places $1150 in an investment account earning an annual rate of 5.3%, compounded continuously. Using the formula V = Pe^{rt}V=Pert, where V is the value of the account in t years, P is the pr

Just from $10/Page