Mathematics, 24.03.2021 16:10 shanice13

Ellie invested $13,000 in an account paying an interest rate of 8.25% compounded continuously. Daniel invested $13,000 in an account paying an interest rate of 8.5%
compounded daily. After 18 years, how much more money would Daniel have in his
account than Ellie, to the nearest dollar?

Answers: 2

Show answers

Answers

Answer from: tytybruce2

Rate 1: 8

%=8+1/4=

8.25

→

0.0825

8.25%→0.0825

Rate 2:

Rate 2: 8

%=8+1/2=

8.5

→

0.085

8.5%→0.085

Calculate Final Amount for Ellie

‾

Calculate Final Amount for Ellie

Compounded Continuously:

A=Pe

13000

0.0825

P=13000r=0.0825t=18

Given values

13000

0.0825

(

)

A=13000e

0.0825(18)

Plug in

13000

1.485

A=13000e

1.485

Multiply

57394.5504

A=57394.5504

Use calculator (with e button)

Calculate Final Amount for Daniel

‾

Calculate Final Amount for Daniel

Compounded Daily:

(

)

A=P(1+

)

Compound interest formula

13000

0.085

365

P=13000r=0.085t=18n=365

Given values

13000

(

0.085

365

)

365

(

)

A=13000(1+

365

0.085

)

365(18)

Plug in values

13000

(

1.0002329

)

6570

A=13000(1.0002329)

6570

Simplify

60025.6058

A=60025.6058

Use calculator

How much more money Daniel has:

60025.6058

Rate 1: 8

%=8+1/4=

8.25

→

0.0825

8.25%→0.0825

Rate 2:

Rate 2: 8

%=8+1/2=

8.5

→

0.085

8.5%→0.085

Calculate Final Amount for Ellie

‾

Calculate Final Amount for Ellie

Compounded Continuously:

A=Pe

13000

0.0825

P=13000r=0.0825t=18

Given values

13000

0.0825

(

)

A=13000e

0.0825(18)

Plug in

13000

1.485

A=13000e

1.485

Multiply

57394.5504

A=57394.5504

Use calculator (with e button)

Calculate Final Amount for Daniel

‾

Calculate Final Amount for Daniel

Compounded Daily:

(

)

A=P(1+

)

Compound interest formula

13000

0.085

365

P=13000r=0.085t=18n=365

Given values

13000

(

0.085

365

)

365

(

)

A=13000(1+

365

0.085

)

365(18)

Plug in values

13000

(

1.0002329

)

6570

A=13000(1.0002329)

6570

Simplify

60025.6058

A=60025.6058

Use calculator

How much more money Daniel has:

60025.6058

−

57394.5504

60025.6058−57394.5504

2631.0554

2631

$2631

Round to the nearest dollar−

57394.5504

60025.6058−57394.5504

2631.0554

2631

$2631

Round to the nearest dollar

Step-by-step explanation:

Answer from: Quest

75 tickets have been sold so far.

step-by-step explanation:

in this question it is clearly mentioned that 45 children's tickets have been sold and this number is 60% of the total tickets sold.

now let's assume the total number of tickets sold be x.

then 60% of x = 45

⇒ $x\frac{60}{100}=45$

⇒ x(.6) = 45

by dividing with .6 on both the sides of the equation

$\frac{x(.6)}{(.6)}= \frac{45}{(.6)}$

⇒ x = 75

therefore 75 tickets have been sold so far.

Answer from: Quest

there is nothing below so i cannot

step-by-step explanation:

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