A person places $419 in an investment account earning an annual rate of 9.2%, compounded continuously. Using the formula V=PertV=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 20 years.

Step-by-step explanation:

From the given information

Principal Initially Invested, P =$419

Annual Rate, r=9.2% =0,092

Time, t = 20 Years

Since it is compounded continuously, the value after t years is determined using the given model:

Substituting the given values

The value of the account after 20 years is (correct to the nearest cent)

if you are looking for the unit rate then the answer would be 9 because unit rate is distance divided by time.

step-by-step explanation:

d no solution

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