Elizabeth invested $970 in an account paying an interest rate of 62% compounded daily. Matthew invested $970 in an account paying an interest rate of 6 % compounded continuously. After 8 years, how much more money would Matthew have in his account than Elizabeth, to the nearest dollar?

Q: Camilla has $18,220 in a savings account. The interest rate is 5% per year and is not compounded. To…

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Q: Rajeev has $175 that he earned from his summer job. He puts the money in an account that yields 4%…

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Q: Marsha and Jan both invested money on March​ 1, 2007. Marsha invested ​$9,000 at Bank A where the…

A: Given Information: Marsha and Jan both invested money on March​ 1,2007 Marsha invested $9000 at Bank…

Q: Jorge decides to invest $4600 in a savings account, one that compounds interest quarterly at a rate…

A: Given data: P=$ 4600 Time, t = 5 years Case 1) If interest is compounded quarterly. Rate of…

Q: Noah invests $3,600 for two years.   The account pays 0.43% monthly compound interest. To the…

A: Given the given invest=$3,600 Interest rate=0.43%(compounded monthly) Time=2 years Apply formula…

Q: Charlie invests $8,000 into an account to save for college. If the investment is compounded annually…

A: We know, when a Principal amount ( P ) is compounded annually with an interest rate 'r' % and for 't…

Q: Sarah invests $4848 in a savings account with an annual interest rate of 5% compounded 2 times per…

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Q: Audrey deposited $12,000 into an account paying 5% interest compounded twice a year. How long will…

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Q: Tara invested $8,890 in an account with an interest rate of 7.5% that was compounded quarterly. How…

A: When the interest is compounded, then the formula used is A=P1+rnnt , where, A is the final amount,…

Q: $20,000 is invested at 3.5% interest compounded monthly. How long will it take for the investment to…

A: Given:Principal amount (P) = $20,000Final amount (A) = double the principal amountInterest rate (r)…

Q: Your interest rate on a $1,500 savings account is 4%. How much simple interest will the account earn…

A: Given information P=$1,500 r=4% ⇒r=4100=0.04 t=2 years We have to find the simple interest will the…

Q: Zach invested $200 per month in a mutual fund that averaged 9% net growth per year with interest…

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Q: Joann invested $28,800 at 13% to be compounded daily. What will be the value of Joann’s investment…

A: invested $28,800 at 13% to be compounded daily

Q: Bo won $10,000 on a scratch-off lottery ticket. In five years, he wants to buy a new bass boat that…

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Q: Matthew deposits $818 in the bank. He is told that his account will earn 4% interest compounded…

A: Matthew deposits $818 in the bank. He is told that his account will earn 4% interest compounded…

Q: Gilly Bates invested $45000 in a 6% annual interest account.  How many years, to the nearest…

A: See the answer below