Kayla invested $88,000 in an account paying an interest rate of 8% compounded daily. Sadie invested $88,000 in an account paying an interest rate of 8% compounded quarterly. After 16 years, how much more money would Sadie have in her account than Kayla, to the nearest dollar?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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Compounding - Compare Accounts (Level 1)
Mar 17, 8:13:22 PM
O Watch help video
Kayla invested $88,000 in an account paying an interest rate of 8% compounded
daily. Sadie invested $88,000 in an account paying an interest rate of 82%
compounded quarterly. After 16 years, how much more money would Sadie have in
her account than Kayla, to the nearest dollar?
Answer:
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attempt 1 out of 2
P Type here to search
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$
4
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Transcribed Image Text:Compounding - Compare Accounts (Level 1) Mar 17, 8:13:22 PM O Watch help video Kayla invested $88,000 in an account paying an interest rate of 8% compounded daily. Sadie invested $88,000 in an account paying an interest rate of 82% compounded quarterly. After 16 years, how much more money would Sadie have in her account than Kayla, to the nearest dollar? Answer: Submit Answer attempt 1 out of 2 P Type here to search 53°F Cloudy nprt $ 4 2 3 6 8. E Y P C V M alt ctri
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