Lincoln invested $49,000 in an account paying an interest rate of 6\tfrac{1}{8}681% compounded daily. Eli invested $49,000 in an account paying an interest rate of 5\tfrac{5}{8}585% compounded continuously.

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Philipp Jahoda asked Oct 27, 2023

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Lincoln invested $49,000 in an account paying an interest rate of 6\tfrac{1}{8}681% compounded daily. Eli invested $49,000 in an account paying an interest rate of 5\tfrac{5}{8}585% compounded continuously. After 20 years, how much more money would Lincoln have in his account than Eli, to the nearest dollar?

Mathematics
high-school

Philipp Jahoda asked Oct 27, 2023

by Philipp Jahoda

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Answer: 15856

Step-by-step explanation: 166786.9963 - 150930.6256

= 15856.3707

= $15856

Alexander Clark answered Nov 3, 2023

by Alexander Clark

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