Solve the problem. 6) James wants to invest $8,000. He can invest the money at 7.2% simple interest for 30 yr or he can invest at 7% with interest compounded continuously for 30 yr. Which option results in more total interest?

Solve the problem. 6) James wants to invest $8,000. He can invest the money at 7.2% simple interest for 30 yr or he can invest at 7% with interest compounded continuously for 30 yr. Which option results in more total interest?

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter10: Exponential And Logarithmic Functions

Section10.5: Solve Exponential And Logarithmic Equations

Problem 10.86TI: Rachel invests $15,000 at age 25. She hopes the investments will be worth when she turns 40. If the...

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Question

Solve the problem.
6) James wants to invest $8,000. He can invest the money at 7.2% simple interest
for 30 yr or he can invest at 7% with interest compounded continuously for 30 yr.
Which option results in more total interest?

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