Question
Asked Apr 29, 2019
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10) James wants to invest $8,000. He can invest the money at 7.2% simple interest
10)
for 30 yr or he can invest at 7% with interest compounded continuously for 30 yr.
Which option results in more total interest?
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10) James wants to invest $8,000. He can invest the money at 7.2% simple interest 10) for 30 yr or he can invest at 7% with interest compounded continuously for 30 yr. Which option results in more total interest?

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Expert Answer

Step 1

(A)

Money invested =8000

interest rate is 7%

time =30 years

 

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Step 2

Now, we can find simple interest using formula

 

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Step 3

(B)

Now, we can find compound interest using formula

and we can plug values...

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