Jocelyn invested $56,000 in an account paying an interest rate compounded continuously. Oliver invested of 7%

Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
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Help please………..
Jocelyn invested $56,000 in an account
paying an interest rate of 7%
compounded continuously. Oliver invested
$56,000 in an account paying an interest
rate of 7-% compounded monthly. After
13 years, how much more money would
Jocelyn have in her account than Oliver, to
the nearest dollar?
Transcribed Image Text:Jocelyn invested $56,000 in an account paying an interest rate of 7% compounded continuously. Oliver invested $56,000 in an account paying an interest rate of 7-% compounded monthly. After 13 years, how much more money would Jocelyn have in her account than Oliver, to the nearest dollar?
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