3000 dollars is invested in a bank account at an interest rate of 9 percent per year, compounded continuously. Meanwhile, 37000 dollars is invested in a bank account at an interest rate of 5 percent compounded annually. To the nearest year, When will the two accounts have the same balance? The two accounts will have the same balance after vears

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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3000 dollars is invested in a bank account at an interest rate of 9 percent per year, compounded
continuously. Meanwhile, 37000 dollars is invested in a bank account at an interest rate of 5 percent
compounded annually.
To the nearest year, When will the two accounts have the same balance?
The two accounts will have the same balance after
years.
Transcribed Image Text:3000 dollars is invested in a bank account at an interest rate of 9 percent per year, compounded continuously. Meanwhile, 37000 dollars is invested in a bank account at an interest rate of 5 percent compounded annually. To the nearest year, When will the two accounts have the same balance? The two accounts will have the same balance after years.
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