Answer the question in Exercise 5 if John contributed to his savings account at the annual rate

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Answer the question in Exercise 5 if John contributed to his savings account at the annual rate of $3000 per year for 10 years.


Exercise 5

Twenty years ahead of her retirement, Kelly opened a savings account that earns 5% interest rate compounded continuously, and she contributed to this account at the annual rate of $1200 per year for 20 years. Ten years ahead of his retirement, John opened a similar savings account that earns 5% interest rate compounded continuously and decided to double the annual rate of contribution to $2400 per year for 10 years. Who has more money in his or her savings account at retirement? (Assume that the contributions are made continuously into the accounts.)

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Calculus And Its Applications

ISBN: 9780134437774

14th Edition

Authors: Larry Goldstein, David Lay, David Schneider, Nakhle Asmar

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