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?
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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