SOLUTION: Marsha and Kan both invested money on March 1, 2007. Marsha invested $9,000 at Bank A where the interest was compounded quarterly. Jan invested $6,000 at Bank B where the interest

Question 911762: Marsha and Kan both invested money on March 1, 2007. Marsha invested $9,000 at Bank A where the interest was compounded quarterly. Jan invested $6,000 at Bank B where the interest was compounded continuously. On March 1, 2012, Marsha had a balance of $11,789.68 while Jan had a balance of $7,504.50. What was the interest at each bank?
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
Marsha and Kan both invested money on March 1, 2007.
Marsha invested $9,000 at Bank A where the interest was compounded quarterly.
Jan invested $6,000 at Bank B where the interest was compounded continuously.
On March 1, 2012, Marsha had a balance of $11,789.68 while Jan had a balance of $7,504.50.
What was the interest at each bank?
:
From the information given, we know both had money invested for 5 yrs
:
M
= 11789.68
=
use logs here
=
= .1172595
=
= .005862975
find the antilog
1 + = 1.0136
= 1.0136 - 1
= .0136
mult both sides fy 4
r = .054366 ~ 5.44% interest
:
J
= 7504.50
=
use natural logs here, ln of e = 1, so we have a simple equation
5r =
5r = .21046
r =
r = .04475 ~ 4.475% interest
:

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