In how many years (rounded to the 3rd decimal place) will Fund A and Fund B have equal value? You have won a scholarship fund. However, you must keep it as an investment for a period oftime before you cash it in. You get to choose between 2 funds:Fund A: The initial value is $90,000 and interest rate is 6% per year, compounded continuously.Fund B: The initial value is $100,000. But the interest rate is only 5% per year, compoundedcontinuously.

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In how many years (rounded to the 3rd decimal place) will Fund A and Fund B have equal value?

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.1: Exponential Functions

Problem 67SE: Alyssa opened a retirement account with 7.25 APRin the year 2000. Her initial deposit was 13,500....

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Question

In how many years (rounded to the 3rd decimal place) will Fund A and Fund B have equal value?

You have won a scholarship fund. However, you must keep it as an investment for a period of
time before you cash it in. You get to choose between 2 funds:
Fund A: The initial value is $90,000 and interest rate is 6% per year, compounded continuously.
Fund B: The initial value is $100,000. But the interest rate is only 5% per year, compounded
continuously.

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