Question

Yusuf invested $4,600 in an account paying an interest rate of 6 1/8% compounded continuously. David invested $4,600 in an account paying an interest rate of 6 1/4%compounded quarterly. After 13 years, how much more money would David have in his account than Yusuf, to the nearest dollar?

Answer 1

$75

Explanation:

A = Pe^(rt)

For Yusuf:

A = $4,600 * e^(0.06125 * 13) = $8,308.87

For David:

A = $4,600 * (1 + 0.0625/4)^(13 * 4) = $8,384.26

So, David would have $75.39 more in his account than Yusuf

rounded to the nearest dollar = $75

Answer 2

the answer is 102

Explanation: