7000 dollars is invested in a bank account at an interest rate of 10 percent per...

 

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7000 dollars is invested in a bank account at an interest rate of 10 percent per year, compounded continuously. Meanwhile, 11000 dollars is invested in a bank account at an interest rate of 2 percent compounded annually. To the nearest year, When will the two accounts have the same balance? The two accounts will have the same balance after years. 7000 dollars is invested in a bank account at an interest rate of 10 percent per year, compounded continuously. Meanwhile, 11000 dollars is invested in a bank account at an interest rate of 2 percent compounded annually. To the nearest year, When will the two accounts have the same balance? The two accounts will have the same balance after years.

Answer rating: 100% (QA)

To find when the two accounts will have the same balance we can set up an equation where the ... View the full answer