Jack invested $7,600 in an account paying an interest rate of 6\tfrac{1}{4}6 4 1 % compounded continuously. John invested $7,6
2 answers:
Answer: John would have $1371.33 more in his account than Jack.
Step-by-step explanation:
Formula to calculate amount after t years if compounded continuously:
Formula to calculate amount after t years if compounded quarterly:
, where P= Principal amount, r= rate of interest.
Given: P= $7,600
t=19 years
For Jack,
For John,
Amount in Jack's account after 19 years=
Amount in John's account after 19 years=
Difference = 26290.77-24919.44 = $ 1,371.33
John would have $1371.33 more in his account than Jack.
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