Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You deposit $5000 into an account that earns 8% compounded annually. A friend deposits $4250 into an account that earns 7.95% annual interest, compounded continuously.

You deposit $5000 into an account that earns 8% compounded annually. A friend deposits $4250 into an account that earns 7.95% annual interest, compounded continuously. Will your friend's balance ever equal yours? If so, when? If not, enter NEVER

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Mathematics questions

Question

How do you decide the needs of the internal customers?

Answered: 1 week ago