Juan invested $7,700 in an account paying an interest rate of 5 1/8 % compounded continuously. Hudson invested $7,700 in an account paying an interest rate of 5 1/4 % compounded monthly. To the nearest hundredth of a year, how much longer would it take for Juan's money to double than for Hudson's money to double?

Question

08-03-2021
Mathematics

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Juan invested $7,700 in an account paying an interest rate of 5 1/8 % compounded continuously. Hudson invested $7,700 in an account paying an interest rate of 5 1/4 % compounded monthly. To the nearest hundredth of a year, how much longer would it take for Juan's money to double than for Hudson's money to double?

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