Question

Pls help first get brainest
Ethan invested $2,400 in an account paying an interest rate of 5 1/4% compounded monthly. Stella invested $2,400 in an account paying an interest rate of 5 3/4% compounded continuously. To the nearest dollar, how much money would Stella have in her account when Ethan's money has doubled in value?

Answer 1

Answer:

$4,204

Step-by-step explanation:

Ehthan A = $3,999.73

A = P + I where

P (principal) = $2,400.00

I (interest) = $1,599.73

After 9.75 years

A = $4,204.24

Susan: A = P + I where

P (principal) = $2,400.00

I (interest) = $1,804.24

First, convert R as a percent to r as a decimal

r = R/100

r = 5.75/100

r = 0.0575 rate per year,

Then solve the equation for A

A = Pert

A = 2,400.00(2.71828)^(0.0575)(9.75)

A = $4,204.24

The total amount accrued, principal plus interest, with compound interest on a principal of $2,400.00 at a rate of 5.75% per year compounded continuously over 9.75 years is $4,204.24.