Mathematics

17 July, 04:16

A person places $661 in an investment account earning an annual rate of 7.1/%, compounded continuously. Using the formula V = P * e ^ (rt), where V is the value of the account in 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 16 years.

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