Marsha and Jan both invested money on March 1, 2007. Marsha invested $9,000 at Bank A where the interest was compounded quarterly. Jan invested $6,000 at Bank B where the interest was compounded continuously. On March 1, 2012, Marsha had a balance of $12,518.71 while Jan had a balance of $7,923.38. What was the interest rate at each bank? (Round to the nearest tenth of a percent.)
Marsha and Jan both invested money on March 1, 2007. Marsha invested $9,000 at Bank A where the interest was compounded quarterly. Jan invested $6,000 at Bank B where the interest was compounded continuously. On March 1, 2012, Marsha had a balance of $12,518.71 while Jan had a balance of $7,923.38. What was the interest rate at each bank? (Round to the nearest tenth of a percent.)
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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Question
Marsha and Jan both invested money on March 1, 2007. Marsha invested
$9,000
at Bank A where the interest was compounded quarterly. Jan invested
$6,000
at Bank B where the interest was compounded continuously. On March 1,
2012,
Marsha had a balance of
$12,518.71
while Jan had a balance of
$7,923.38.
What was the interest rate at each bank? (Round to the nearest tenth of a percent.)
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