5000 dollars is invested in a bank account at an interest rate of 10 per cent per year, compounded continuously. Meanwhile, 11000 dollars is invested in a bank account at an interest rate of 4 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.
5000 dollars is invested in a bank account at an interest rate of 10 per cent per year, compounded continuously. Meanwhile, 11000 dollars is invested in a bank account at an interest rate of 4 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.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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![5000 dollars is invested in a bank account at an interest rate of 10 per cent per year, compounded continuously. Meanwhile,
11000 dollars is invested in a bank account at an interest rate of 4 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa9a10ed2-3faf-4c31-99d4-82bf00dd1cd3%2F6ea5a952-9950-4c6b-b952-8f17ddc3d342%2Fb82342_processed.png&w=3840&q=75)
Transcribed Image Text:5000 dollars is invested in a bank account at an interest rate of 10 per cent per year, compounded continuously. Meanwhile,
11000 dollars is invested in a bank account at an interest rate of 4 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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