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?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
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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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?

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for continuous compound, use the formula 

A=Pe^{rt}

here we have 

P=6000

r=8%=0.08

A=6000e^{0.08t}

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