SOLUTION: Aaron invested $7,000 in an account paying an interest rate of 3 5/8 compounded continuously. Mia invested $7,000 in an account paying an interest rate of 3 3/4% compounded monthly
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Question 1159176: Aaron invested $7,000 in an account paying an interest rate of 3 5/8 compounded continuously. Mia invested $7,000 in an account paying an interest rate of 3 3/4% compounded monthly. After 17 years , how much more money would Mia have in her account than aaron, to the nearest dollar? Answer by ikleyn(52798) (Show Source):
3% = 0.03625.
Aaron's account after 17 years A = = = 12963.79 dollars.
3% = 0.0375.
Mia's account after 17 years M = = 13229.06 dollars.
Mia - Aaron (the difference) is 13229.06 - 12963.79 = 265.27, or, rounded to the nearest dollar, 265 dollars. ANSWER
