Use the formulas A = P(1 + r/n)nt and A = Pert to solve, you decide to invest $8000 for 3 years at an annual rate of 8%. How much more is the return if the interest is compounded continuously than if it is compounded monthly? Round to the nearest dollar.

Use the formulas A = P(1 + r/n)nt and A = Pert to solve, you decide to invest $8000 for 3 years at an annual rate of 8%. How much more is the return if the interest is compounded continuously than if it is compounded monthly? Round to the nearest dollar.

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter10: Exponential And Logarithmic Functions

Section10.5: Solve Exponential And Logarithmic Equations

Problem 10.85TI: Hector invests $10,000 at age 21. He hopes the investments will be worth when he turns 50. If the...

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Use the formulas A = P(1 + r/n)^nt and A = Pe^rt to solve, you decide to invest $8000 for 3 years at an annual rate of 8%. How much more is the return if the interest is compounded continuously than if it is compounded monthly? Round to the nearest dollar.

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