Answer the question in Exercise 5 if John contributed to his savings account at the annual rate
Question:
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.)
Step by Step Answer:
Calculus And Its Applications
ISBN: 9780134437774
14th Edition
Authors: Larry Goldstein, David Lay, David Schneider, Nakhle Asmar