3000 dollars is invested in a bank account at an interest rate of 9 percent per year, compounded continuously. Meanwhile, 37000 dollars is invested in a bank account at an interest rate of 5 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 vears

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 6RE: Hsu-Mei wants to save 5,000 for a down paymenton a car. To the nearest dollar, how much will sheneed...
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3000 dollars is invested in a bank account at an interest rate of 9 percent per year, compounded
continuously. Meanwhile, 37000 dollars is invested in a bank account at an interest rate of 5 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.
Transcribed Image Text:3000 dollars is invested in a bank account at an interest rate of 9 percent per year, compounded continuously. Meanwhile, 37000 dollars is invested in a bank account at an interest rate of 5 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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