Question
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.

Image Transcription

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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