Answer:
$4,205
Step-by-step explanation:
Jocelyn
A = p × e^rt
Where,
P = principal = $56000
e = Napier's number = 2.7283
r = interest rate = 7 3/8% = 0.07375
t = time = 13 years
A = 56,000 × 2.7283^(0.07375×13)
= 56,000 × 2.7283^0.95875
= 56,000 × 2.6177
= 146,591.2
Approximately
A = $146,591 to the nearest dollar
Oliver
A = p(1 + r/n)^nt
= 56,000(1 + 0.0725/12)^12*13
= 56,000(1 + 0.0060)^156
= 56,000(1.0060)^156
= 56,000(2.5426)
= 142,385.6
Approximately
A = $142,386 to the nearest dollar
Jocelyn will have $4,205 more than Oliver
Answer:
$2761
Step-by-step explanation:
Rate 1: 7/38%=7+3/8=
7.375%→0.07375
Rate 2: 7/14%=7+1/4=
7.25%→0.0725
Compounded Continuously:
A=Pe^{rt}
P=56000 r=0.07375 t=13
Given values
A=56000e^0.07375(13)
Plug in
A=56000e^{0.95875}
Multiply
A=146072.298
Use calculator (with e button)
Compound interest formula
P=56000 r=0.0725 t=13 n=12
Given values
A=56000\(1+{0.0725}{12})^12(13)
Plug in values
A=56000(1.0060417)^{156}
Simplify
A=143310.8391
Use calculator
How much more money Jocelyn has:
146072.298−143310.8391
2761.4589
$2761
