Question
Asked Jan 20, 2019
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3000 dollars is invested in a bank account at an interest rate of 10 percent per year, compounded continuously. Meanwhile, 16000 dollars is
invested in a bank account at an interest rate of 3 percent compounded annually.
To the nearest year, when will the two accounts have the same balance?
The two accounts will have the same balance after
years.
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3000 dollars is invested in a bank account at an interest rate of 10 percent per year, compounded continuously. Meanwhile, 16000 dollars is invested in a bank account at an interest rate of 3 percent compounded annually. To the nearest year, when will the two accounts have the same balance? The two accounts will have the same balance after years.

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Step 1

Let t be the number of years after which the two accounts will have the same balance.

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Step 2

Taking log of bo...

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Calculus

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