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Maya invested $2,100 in an account paying an interest rate of 7\tfrac{3}{8}7 8 3 ​ % compounded continuously. Jack invested $2,100 in an account paying an interest rate of 7\tfrac{5}{8}7 8 5 ​ % compounded monthly. After 12 years, how much more money would Jack have in his account than Maya, to the nearest dollar?

Sagot :

abidemiokin

This are interest added on a sum of money invested. Jack will have $168.95 more than Maya in his account

Compound interest

This are interest added on a sum of money invested. The formula for calculating compound amount is given as;

A = P(1 +r/n)^nt

Given the following parameter

P =$2100

rate r = 7 5/8% = 0.07625

time t = 12 years

n =12 (monthly)


Substitute

A = 1200(1+0.07625/12)^12(12)
A = 1200 (2.4895)
A = $2987.46

For Maya

A = 1200(1+0.07375)^12

A = 2818.50

Take the difference

Difference =$2987.46 - $ 2818.5

Difference = $168.95

Hence Jack will have $168.95 more than Maya in his account

Learn more on compound interest here: https://brainly.com/question/24924853

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