6000 dollars is invested in a bank account at an interest rate of 8 percent per year, compounded continuously. Meanwhile, 31000 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?
6000 dollars is invested in a bank account at an interest rate of 8 percent per year, compounded continuously. Meanwhile, 31000 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?
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...
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Question
6000 dollars is invested in a bank account at an interest rate of 8 percent per year, compounded continuously. Meanwhile, 31000 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?
Expert Solution
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for continuous compound, use the formula
here we have
P=6000
r=8%=0.08
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