Question

Marsha and Jan both invested money on March 1, 2007. Marsha invested $6,000 at Bank Bank B where the interest was compounded continuously. On March 1, 2012, Marsha had interest rate at each bank? (Round to the nearest tenth of a percent.) where the interest was compounded quarterly. Jan invested $3,000 at balance of $7.938.78 while Jan had a balance of $3.922.80. What was the

Answer 1

Marsha Info::
A(5) = 6000(1+(i/4))^(4*5)= 7938.78
(1+(i/4))^(20) = 1.323
(1+(i/4) = 1.014
i/4 = 0.014
interest = 0.056
rate = 5.6%
-------------------------
B(5) = 3000*e^(5i) = 3922.80
e^(5i) = 1.3076
5i = ln(1.3076) =0.268
i = 0.0536
rate = 5.3%