Elizabeth invested $970 in an account paying an interest rate of 62% compounded daily. Matthew invested $970 in an account paying an interest rate of 6 % compounded continuously. After 8 years, how much more money would Matthew have in his account than Elizabeth, to the nearest dollar?

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.3: The Natural Exponential Function
Problem 38E
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8:03 1
ull 5G
Compounding - Compare Accounts
(Level 1)
Apr 05, 8:03:30 AM
O Watch help video
Elizabeth invested $970 in an account
paying an interest rate of 6 % compounded
daily. Matthew invested $970 in an account
paying an interest rate of 6 % compounded
continuously. After 8 years, how much more
money would Matthew have in his account
than Elizabeth, to the nearest dollar?
Answer:
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attempt 1 out of 2
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Transcribed Image Text:8:03 1 ull 5G Compounding - Compare Accounts (Level 1) Apr 05, 8:03:30 AM O Watch help video Elizabeth invested $970 in an account paying an interest rate of 6 % compounded daily. Matthew invested $970 in an account paying an interest rate of 6 % compounded continuously. After 8 years, how much more money would Matthew have in his account than Elizabeth, to the nearest dollar? Answer: Submit Answer attempt 1 out of 2 Privacy Policy Terms of Service Copyright © 2022 DeltaMath.com. All Rights Reserved. AA A deltamath.com
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