Question: Manny invests ( $ 1 0 0 ) in an account that is compounded continuously at an annual interest rate of

Manny invests \(\$ 100\) in an account that is compounded continuously at an annual interest rate of \(2\%\), according to the formula \( A=P e^{r t}\), where \( A \) is the amount accrued, \( P \) is the principal, \( r \) is the rate of interest, and \( t \) is the time, in years. In 20 years, how much will Manny's investment be worth to the nearest dollar?
(1 point)
\$122
\$149
\$5,460
\$102
Manny invests \ ( \ $ 1 0 0 \ ) in an account

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!