Answered

Westonci.ca is the premier destination for reliable answers to your questions, provided by a community of experts. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

Autumn invested $69,000 in an account paying an interest rate of 6 3/8% compounded continuously. Jayden invested $69,000 in an account paying an interest rate of 6 1/4% compounded quarterly. After 14 years, how much more money would Autumn have in her account than Jayden, to the nearest dollar?

Sagot :

madethisfortwitch1

Answer:

4,038.21

Step-by-step explanation:

I'm going to assume that when you write 6 3/8% that equals 51/8%=6.375%

To find the value in the first equation we have

69000*e^(.06375*14)=168,444.5313

The second equation is as follows

69000(1+(.0625/4))^(14*4)=164,406.3243

Subtract the two and get 4,038.2071

Thank you for choosing our service. We're dedicated to providing the best answers for all your questions. Visit us again. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thank you for trusting Westonci.ca. Don't forget to revisit us for more accurate and insightful answers.