4. Saving for his retirement days is the main reason Mr. Suarez invests his money in an account that would earn compounded interest to grow his wealth. He deposited P10,000,000 in a 2% account compounded continuously. In a second account, he deposited P 5,000,000 in an 8% account compounded continuously. When will the total amounts in both accounts be equal? When will the total amount in the second account be 50% more than the total amount in the first account?

4. Saving for his retirement days is the main reason Mr. Suarez invests his money in an account that would earn compounded interest to grow his wealth. He deposited P10,000,000 in a 2% account compounded continuously. In a second account, he deposited P 5,000,000 in an 8% account compounded continuously. When will the total amounts in both accounts be equal? When will the total amount in the second account be 50% more than the total amount in the first account?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter19: The Basic Tools Of Finance

Section: Chapter Questions

Problem 1CQQ

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