Two bank accounts are opened at the same time. The first has a principal of $1000 in an account earning 15% compounded monthly. The second has a principal of $6000 in an account eaming 2% interest compounded annually. Determine the number of years, to the nearest tenth, at which the account balances will be equal. ta years (Simplify your answer. Type an integer or a decimal. Do not round until the final answer. Then round to the nearest tenth as needed.)

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Two bank accounts are opened at the same time. The first has a principal of $1000 in an account earning 15% compounded monthly. The second has a principal of $6000 in an account
eaming 2% interest compounded annually. Determine the number of years, to the nearest tenth, at which the account balances will be equal.
BASNI
years
(Simplify your answer. Type an integer or a decimal. Do not round until the final answer. Then round to the nearest tenth as needed.)
Transcribed Image Text:Two bank accounts are opened at the same time. The first has a principal of $1000 in an account earning 15% compounded monthly. The second has a principal of $6000 in an account eaming 2% interest compounded annually. Determine the number of years, to the nearest tenth, at which the account balances will be equal. BASNI years (Simplify your answer. Type an integer or a decimal. Do not round until the final answer. Then round to the nearest tenth as needed.)
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