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

Answer:

315881.53

Step-by-step 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

$3=(1+\frac{.04}{365})^{365x}\\log_{1.0001}3=365x\\10025.38644=365x\\27.46681216=x$

Now plug that value into the continously compounding formula

$80000*e^{27.4668*.05}=315881.5314$

Which rounds to

315881.53