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Mathematics

1 answer:

Murrr4er [49]2 years ago

5 0

Answer:

$798

Step-by-step explanation:

Jack invested $7100 compounded continuously at an interest rate of 3⅝% which is 0.03625

Formula for future value of continuous compounding is;

FV = PVe^(rt)

Where;

FV is future value

PV is present value

r is interest rate

t is time

After 19 years;

FV = 7100 × e^(0.03625 × 19)

FV = $14137.697

Henry invested $7100 compounded monthly at an interest rate of 3⅜% which is 0.03375.

Formula for FV of monthly compounding is;

FV = PV(1 + i)^(n)

FV = 7100(1 + 0.03375)^(19)

FV = $13339.922

Thus, amount Jack has more than Henry = 14137.697 - 13339.922 = $797.775

Approximating to the nearest dollar gives $798

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Answer:

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