Joshua invested $99,000 in an account paying an interest rate of 4 1/2% compounded continuously. Melanie invested $99,000 in an account paying an interest rate of 4 5/8% 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 1/2% compounded continuously. Melanie invested $99,000 in an account paying an interest rate of 4 5/8% compounded quarterly. After 16 years, how much more money would Melanie have in her account than Joshua, to the nearest dollar?
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...
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Joshua invested $99,000 in an account paying an interest rate of 4 1/2% compounded continuously. Melanie invested $99,000 in an account paying an interest rate of 4 5/8% compounded quarterly. After 16 years, how much more money would Melanie have in her account than Joshua, to the nearest dollar?
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