An initial amount of $1100 is invested in an account at an interest rate of 8% per year, compounded continuously. Assuming that no withdrawals are made, fin the amount in the account after three years. Do not round any intermediate computations, and round your answer to the nearest cent.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 31P
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Subject: accounting

An initial amount of $1100 is invested in an account at an interest rate of 8% per year, compounded continuously. Assuming that no withdrawals are made, fin
the amount in the account after three years.
Do not round any intermediate computations, and round your answer to the nearest cent.
Transcribed Image Text:An initial amount of $1100 is invested in an account at an interest rate of 8% per year, compounded continuously. Assuming that no withdrawals are made, fin the amount in the account after three years. Do not round any intermediate computations, and round your answer to the nearest cent.
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