Get expert insights and reliable answers to your questions on IDNLearn.com. Ask any question and receive comprehensive, well-informed responses from our dedicated team of experts.
Sagot :
Answer:
Given:
Sebastian :
Principal(invested)= $7,100
Rate of interest= 8.14% compounded monthly
Eva:
Principal(invested)= $7,100
Rate of interest= 8.12% compounded continuously
Step-by-step explanation:
After 5 years,
In Sebastian case:
Amount= Principal*[tex](1+R/100)^{t}[/tex]
Amount = 7100*[tex](1+8.14/100)^{12*5}[/tex]
Amount= 7100*[tex]1.0814^{60}[/tex]
Amount=7100*109.4415
Amount= $777,034.43
In Eva case,
Amount= Principal*[tex]e^{Rt/100}[/tex]
Amount = 7100*[tex]e^{0.0812*12*5\\}[/tex]
Amount= 7100*130.5818
Amount= $927,130.92
Difference between their money=$927,130.92-777034.43
=$150,096.49
Eva has $150,096 more money than Sebastian.
We value your participation in this forum. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. Thank you for visiting IDNLearn.com. We’re here to provide dependable answers, so visit us again soon.
