Exercise 30 Page 448

We want to find the amount in a continuously compounded account for the given conditions. Principal:& $950 Annual Interest Rate:& 6.5 % Time:& 10 yearsTo do so, we will start by recalling the formula for continuously compounded interest. A( t)= P * e^(r t) In this formula, A( t) represents the amount in the account at time t, P represents the initial value of the account or the principal, r is the annual interest rate, and t is the time in years. Let's substitute the given values into the formula. Note that r should be expressed as a decimal, so 6.5 %=0.065.

The amount after 10 years under the given conditions is approximately $ 1819.76.