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Samuel invested $9,200 in an account paying an interest rate of 7\tfrac{1}{8}7 8 1 ​ % compounded monthly. Noah invested $9,200 in an account paying an interest rate of 7\tfrac{3}{4}7 4 3 ​ % compounded daily. After 7 years, how much more money would Noah have in his account than Samuel, to the nearest dollar?

Sagot :

Answer:

$699

Step-by-step explanation:

15825.8693-15126.9611

698.9082 (round to nearest dollar)

Answer: $699

After 7 years, the amount of money that Noah would have more than Samuel would be $698.91.

How much more money would Noah have?

The formula for calculating future value:

FV = P (1 + r)^nm

  • FV = Future value
  • P = Present value
  • R = interest rate
  • m = number of compounding
  • N = number of years

Difference in amount = 9200x [(1.0059375^84) - (1.0002123287^2555)] =$698.91

To learn more about future value, please check: https://brainly.com/question/18760477

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