Question

Emma invested $540 in an account paying an interest rate of 7\tfrac{3}{4}7 4 3 ​ % compounded monthly. Cameron invested $540 in an account paying an interest rate of 7\tfrac{3}{8}7 8 3 ​ % compounded continuously. To the nearest dollar, how much money would Emma have in her account when Cameron's money has tripled in value?

Answer 1

1300

Explanation:

Emma invested $540 in an account paying an interest rate of 7\tfrac{3}{4}7 4 3 ​ % compounded monthly. Cameron invested $540 in an account paying an interest rate of 7\tfrac{3}{8}7 8 3 ​ % compounded continuously. To the nearest dollar, how much money would Emma have in her account when Cameron's money has tripled in value?