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
icon
Related questions
Question
100%
Mar 17, 9:59:44 PM
O Watch help video
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?
Answer:
Submit Answer
attempt 1 out of 2
O Type here to search
53°F Cloudy
hp
23
3.
8
9
E
R
Y
D
G
J
V
M
alt
alt
Transcribed Image Text:Mar 17, 9:59:44 PM O Watch help video 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? Answer: Submit Answer attempt 1 out of 2 O Type here to search 53°F Cloudy hp 23 3. 8 9 E R Y D G J V M alt alt
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Recommended textbooks for you
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax