Joshua invested $99,000 in an account paying an interest rate of 4,% compounded continuously. Melanie invested $99,000 in an account paying an interest rate of 4% compounded quarterly. After 16 years, how much more money would Melanie have in her account than Joshua, to the nearest dollar?
Joshua invested $99,000 in an account paying an interest rate of 4,% compounded continuously. Melanie invested $99,000 in an account paying an interest rate of 4% compounded quarterly. After 16 years, how much more money would Melanie have in her account than Joshua, 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 5E
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