Question

Carson invested $80,000 in an account paying an

interest rate of 5% compounded continuously.
Makayla invested $80,000 in an account paying an
interest rate of 4% compounded daily. To the
nearest dollar, how much money would Carson have
in his account when Makayla's money has tripled in
value?

Answer 1

315881.53

Explanation:

We first need to figure out how long it takes for the money to triple

let x= number of years it takes for the money to tirple

`3=(1+(.04)/(365))^(365x)\\log_(1.0001)3=365x\\10025.38644=365x\\27.46681216=x`

Now plug that value into the continously compounding formula

`80000*e^(27.4668*.05)=315881.5314`

Which rounds to

315881.53