Mathematics

29 November, 22:35

A person places $7230 in an investment account earning an annual rate of 8.6%, 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 3 years.

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