SOLUTION: 2000 dollars is invested in a bank account at an interest rate of 7 percent per year, compounded continuously. Meanwhile, 16000 dollars is invested in a bank account at an interest
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Question 964590: 2000 dollars is invested in a bank account at an interest rate of 7 percent per year, compounded continuously. Meanwhile, 16000 dollars is invested in a bank account at an interest rate of 4 percent compounded annually.
To the nearest year, When will the two accounts have the same balance?
I understand how to do one equation like this (A=Pe^(r*t)).. but I don't understand how to find the common ground between the two. Answer by Fombitz(32388) (Show Source):
You can put this solution on YOUR website! Yes, the first one is
The second is
Set them equal to each other, .
.
.
.
Looks like it takes quite a while, years
.