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Sagot :
Answer:
Given:
Sebastian :
Principal(invested)= $7,100
Rate of interest= 8.14% compounded monthly
Eva:
Principal(invested)= $7,100
Rate of interest= 8.12% compounded continuously
Step-by-step explanation:
After 5 years,
In Sebastian case:
Amount= Principal*[tex](1+R/100)^{t}[/tex]
Amount = 7100*[tex](1+8.14/100)^{12*5}[/tex]
Amount= 7100*[tex]1.0814^{60}[/tex]
Amount=7100*109.4415
Amount= $777,034.43
In Eva case,
Amount= Principal*[tex]e^{Rt/100}[/tex]
Amount = 7100*[tex]e^{0.0812*12*5\\}[/tex]
Amount= 7100*130.5818
Amount= $927,130.92
Difference between their money=$927,130.92-777034.43
=$150,096.49
Eva has $150,096 more money than Sebastian.
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