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Mars2501 [29]
3 years ago
6

You deposit $3000 into an account which earns 5.1% interest per year, compounded annually. your friend simultaneously deposits $

2000 into an account which earns a yearly interest rate of 7.5% compounded continuously. after how many years will both accounts have the same amount of money?
Business
1 answer:
valina [46]3 years ago
6 0
3000 (1+0.051)^(t)=2000 e^(0.075t)
Solve for t using Google calculator
To get
T=16.05 years

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Answer:

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Explanation:

Data provided in the question;

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Now,

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= 3.33%

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