6000 dollars is invested in a bank account at an interest rate of 8 percent per year, compounded continuously. Meanwhile, 31000 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?
6000 dollars is invested in a bank account at an interest rate of 8 percent per year, compounded continuously. Meanwhile, 31000 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?
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 6RE: Hsu-Mei wants to save 5,000 for a down paymenton a car. To the nearest dollar, how much will sheneed...
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Question
6000 dollars is invested in a bank account at an interest rate of 8 percent per year, compounded continuously. Meanwhile, 31000 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?
Expert Solution
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for continuous compound, use the formula
here we have
P=6000
r=8%=0.08
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