Mathematics, 24.03.2021 16:10 shanice13

Ellie invested $13,000 in an account paying an interest rate of 8.25% compounded continuously. Daniel invested $13,000 in an account paying an interest rate of 8.5%
compounded daily. After 18 years, how much more money would Daniel have in his
account than Ellie, to the nearest dollar?

Answers: 2

Show answers

Answers

Answer from: tytybruce2

Rate 1: 8

%=8+1/4=

8.25

→

0.0825

8.25%→0.0825

Rate 2:

Rate 2: 8

%=8+1/2=

8.5

→

0.085

8.5%→0.085

Calculate Final Amount for Ellie

‾

Calculate Final Amount for Ellie

Compounded Continuously:

A=Pe

13000

0.0825

P=13000r=0.0825t=18

Given values

13000

0.0825

(

)

A=13000e

0.0825(18)

Plug in

13000

1.485

A=13000e

1.485

Multiply

57394.5504

A=57394.5504

Use calculator (with e button)

Calculate Final Amount for Daniel

‾

Calculate Final Amount for Daniel

Compounded Daily:

(

)

A=P(1+

)

Compound interest formula

13000

0.085

365

P=13000r=0.085t=18n=365

Given values

13000

(

0.085

365

)

365

(

)

A=13000(1+

365

0.085

)

365(18)

Plug in values

13000

(

1.0002329

)

6570

A=13000(1.0002329)

6570

Simplify

60025.6058

A=60025.6058

Use calculator

How much more money Daniel has:

60025.6058

Rate 1: 8

%=8+1/4=

8.25

→

0.0825

8.25%→0.0825

Rate 2:

Rate 2: 8

%=8+1/2=

8.5

→

0.085

8.5%→0.085

Calculate Final Amount for Ellie

‾

Calculate Final Amount for Ellie

Compounded Continuously:

A=Pe

13000

0.0825

P=13000r=0.0825t=18

Given values

13000

0.0825

(

)

A=13000e

0.0825(18)

Plug in

13000

1.485

A=13000e

1.485

Multiply

57394.5504

A=57394.5504

Use calculator (with e button)

Calculate Final Amount for Daniel

‾

Calculate Final Amount for Daniel

Compounded Daily:

(

)

A=P(1+

)

Compound interest formula

13000

0.085

365

P=13000r=0.085t=18n=365

Given values

13000

(

0.085

365

)

365

(

)

A=13000(1+

365

0.085

)

365(18)

Plug in values

13000

(

1.0002329

)

6570

A=13000(1.0002329)

6570

Simplify

60025.6058

A=60025.6058

Use calculator

How much more money Daniel has:

60025.6058

−

57394.5504

60025.6058−57394.5504

2631.0554

2631

$2631

Round to the nearest dollar−

57394.5504

60025.6058−57394.5504

2631.0554

2631

$2631

Round to the nearest dollar

Step-by-step explanation:

Answer from: Quest

step-by-step explanation:

Answer from: Quest

-12 > a

step-by-step explanation:

-11 > 1 + a

subtract 1 from each side

-11-1 > 1-1+a

-12 > a

Another question on Mathematics

Mathematics, 21.06.2019 15:30

Maria donates a fixed amount, a, to a charity each month. if she donates $300 in 12 months, what is the equation for a? a. a + 300 = 12 b. a × 300 = 12 c. a × 12 = 300 d. a + 12 = 300 e. a + 32 = 100

Answers: 3

Answer

Mathematics, 21.06.2019 16:30

Solve the equation w^3 = 1,000 i honestly dont know how to punch this into a calculator pls

Answers: 1

Answer

Mathematics, 21.06.2019 18:00

When lulu enlarged her drawing of a rabbit, the enlarged picture appeared to be distorted. which statement about the transformation applied to her drawing is true?

Answers: 2

Answer

Mathematics, 21.06.2019 19:00

How do i start to solve? would appreciate a walk-thru! a bird sitting 16ft above the ground in an apple tree dislodges an apple. after how many seconds does the apple land on the ground? (assuming that no branches will interfere with it's fall)

Answers: 1

Answer

You know the right answer?

Ellie invested $13,000 in an account paying an interest rate of 8.25% compounded continuously. Dani...

Questions