A person places $6340 in an investment account earning an annual rate of 8.4%, 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 2 years.

$7499.82

Step-by-step explanation:

We have been given that a person places $6340 in an investment account earning an annual rate of 8.4%, compounded continuously. We are asked to find amount of money in the account after 2 years.

We will use continuous compounding formula to solve our given problem as:

, where

A = Final amount after t years,

P = Principal initially invested,

e = base of a natural logarithm,

r = Rate of interest in decimal form.  

Upon substituting our given values in above formula, we will get:

Upon rounding to nearest cent, we will get:

Therefore, an amount of $7499.82 will be in account after 2 years.

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step-by-step explanation:

this is my explanation