Nevaeh invested $660 in an account paying an interest rate of 3% compounded
continuously. Jonathan invested $660 in an account paying an interest rate of 3 %
compounded monthly. After 14 years, how much more money would Nevaeh have in
her account than Jonathan, to the nearest dollar?

Answers

Answer 1

Answer:

19

Step-by-step explanation:

Rate 1: 3  

4

1

​  

%=3+1/4=

\,\,3.25\%\rightarrow 0.0325

3.25%→0.0325

\text{Rate 2: }3\tfrac{1}{8}\%=3+1/8=

Rate 2: 3  

8

1

​  

%=3+1/8=

\,\,3.125\%\rightarrow 0.03125

3.125%→0.03125

\text{Calculate Final Amount for Nevaeh}

Calculate Final Amount for Nevaeh

\overline{\phantom{\text{Calculate Final Amount for Nevaeh}}}

Calculate Final Amount for Nevaeh

 

\text{Compounded Continuously:}

Compounded Continuously:

A=Pe^{rt}

A=Pe  

rt

 

P=660\hspace{35px}r=0.0325\hspace{35px}t=14

P=660r=0.0325t=14

Given values

A=660e^{0.0325(14)}

A=660e  

0.0325(14)

 

Plug in

A=660e^{0.455}

A=660e  

0.455

 

Multiply

A=1040.2744

A=1040.2744

Use calculator (with e button)

\text{Calculate Final Amount for Jonathan}

Calculate Final Amount for Jonathan

\overline{\phantom{\text{Calculate Final Amount for Jonathan}}}

Calculate Final Amount for Jonathan

 

\text{Compounded Monthly:}

Compounded Monthly:

A=P\left(1+\frac{r}{n}\right)^{nt}

A=P(1+  

n

r

​  

)  

nt

 

Compound interest formula

P=660\hspace{35px}r=0.03125\hspace{35px}t=14\hspace{35px}n=12

P=660r=0.03125t=14n=12

Given values

A=660\left(1+\frac{0.03125}{12}\right)^{12(14)}

A=660(1+  

12

0.03125

​  

)  

12(14)

 

Plug in values

A=660(1.0026042)^{168}

A=660(1.0026042)  

168

 

Simplify

A=1021.6468

A=1021.6468

Use calculator

\text{How much more money Nevaeh has:}

How much more money Nevaeh has:

1040.2744-1021.6468

1040.2744−1021.6468

18.6276

18.6276

\$ 19

$19


Related Questions

Jake ran a full marathons of 26 miles. His average speed was 6 miles per hour. About how long did it take him to cross the finish line?

Answers

Answer:

Step-by-step explanation:

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There is a bag of marbles that contain 5 blues, 6 red, 3 black, and 2 yellow marbles. What is the probability that you select a blue marble

Answers

Answer:

[tex]\frac{5}{16}[/tex]

Step-by-step explanation:

1) Find the total number of marbles

5 blue + 6 red + 3 black + 2 yellow

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2) To find the probability of selecting a blue marble, divide the number of blue marbles by the number of total marbles:

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Therefore, the probability of selecting a blue marble is [tex]\frac{5}{16}[/tex].

I hope this helps!

12 The points (-15, -3) and (-7, -1) both lie
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Answers

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Step-by-step explanation:

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The chart below shows one store's sales of computers, listed by model. 2 circle graphs. A circle graph titled May. Poreg, 262; Quilren, 282; Dinztop, 223; Quilren 2, 135; Juvanto, 148. A circle graph titled June. Poreg, 173; Quilren, 184; Dinztop, 148; Quilren 2, 153; Juvanto, 212. If the changes in sales between May and June continue at the same rate, how many total computers will be sold in July? a. 534 b. 721 c. 1,019 d. 1,254

Answers

Answer:

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Step-by-step explanation:

edge 2021

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How is the percentage of a value calculated?

The percentage represents a value divided by 100. In this way, saying 25% of a value is the same as saying 25 out of 100, that is, 25 divided by 100. And to find the exact number of absentees in the event, just multiply the whole by the percentage

So in this case, we have the information that:

May: 223 Dinztop salesJune: 148 Dinztop sales.

Using the percentage we have:

[tex]p=\frac{148}{223} = 0.6637[/tex]

This value in percentage that will be:

[tex]0.6637*100\%= 66.37\%[/tex]

Because of the same percent rate, the amoutns sold in June:

[tex]66.37\%*148=98[/tex]

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Answers

Answer:

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Step-by-step explanation:

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Step-by-step explanation:

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Answers

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The net is shown in the picture that can used to calculate surface area shaded.

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Answers

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Answers

Answer:

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Step-by-step explanation:

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Two or more expressions with an Equal sign is called as Equation.

Given,

Anna and Paddy take part in the same fun run. Anna completed the fun run in 2 hours.

Her average speed was 6 kilometres per hour.

Paddy completed the fun run in 90 minutes.

We need to find paddys  average speed in kilometres per hour.

Let us convert 2 hrs to minutes=120 minutes

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Apply cross multiplication

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Answers

Answer:

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Answers

Answer:

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

hello :

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Answers

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Step-by-step explanation:

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Step-by-step explanation:

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Step-by-step explanation:

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Answers

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Answers

Answer:

Step-by-step explanation:

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Answers

Answer:

d.

Step-by-step explanation:

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Answers

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:  

Answer:

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Step-by-step explanation:

The answer is 0.24 kg since

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Answers

Answer:

(-9 and 2)

Step-by-step explanation:

-9+2=-7

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Answer:

you can multiply 2 and -9 to get -18

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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Answers

Answer:

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Look that question yo on Photomath I would give u the answer

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Answers

9514 1404 393

Answer:

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Step-by-step explanation:

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