A principal amount of $1500 is placed into a savings account with an APR of 2.55% simple interest for 10 years. The same principal is placed into a savings account with an APR of 3.15% compounded continuously for 7 years. How do I solve this equation? And what formulas should I use? Please show me step by step.

A principal amount of $1500 is placed into a savings account with an APR of 2.55% simple interest for 10 years. The same principal is placed into a savings account with an APR of 3.15% compounded continuously for 7 years. How do I solve this equation? And what formulas should I use? Please show me step by step.

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.1: Exponential Functions

Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...

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