7000 dollars is invested in a bank account at an interest rate of 6 percent per year, compounded continuously. Meanwhile, 24000 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.
7000 dollars is invested in a bank account at an interest rate of 6 percent per year, compounded continuously. Meanwhile, 24000 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.
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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Transcribed Image Text:7000 dollars is invested in a bank account at an interest rate of 6 percent per year, compounded
continuously. Meanwhile, 24000 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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