2. You have two investment accounts. Account #1 started at $700 at 6.8% compounded monthly. Account #2 is started at $500 at 5.6% compounded continuously. a. How many years will it take till the two accounts have the same amount of money? b. How much money will be in each account? C. How will you spend your money, once the two accounts are equal?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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2. You have two investment accounts. Account #1 started at $700 at 6.8% compounded monthly.
Account #2 is started at $500 at 5.6% compounded continuously.
a. How many years will it take till the two accounts have the same amount of money?
How much money will be in each account?
b.
c. How will you spend your money, once the two accounts are equal?
Transcribed Image Text:2. You have two investment accounts. Account #1 started at $700 at 6.8% compounded monthly. Account #2 is started at $500 at 5.6% compounded continuously. a. How many years will it take till the two accounts have the same amount of money? How much money will be in each account? b. c. How will you spend your money, once the two accounts are equal?
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