7000 dollars is invested in a bank account at an interest rate of 6 percent per year, compounded continuously. Meanwhile, 10000 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.

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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7000 dollars is invested in a bank account at an interest rate of 6 percent per year, compounded continuously.
Meanwhile, 10000 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:7000 dollars is invested in a bank account at an interest rate of 6 percent per year, compounded continuously. Meanwhile, 10000 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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