Joshua invested $99,000 in an account paying an interest rate of 4 frac{1}{2}4 2 1 % compounded continuously. Melanie invested $99,000 in an account paying an interest rate of 4 frac{5}{8}4 8 5 % compounded quarterly. After 16 years, how much more money would Melanie have in her account than Joshua, to the nearest dollar?

Mathematics, 12.02.2021 14:00 asanjog2755

Joshua invested $99,000 in an account paying an interest rate of 4\tfrac{1}{2}4 2 1 % compounded continuously. Melanie invested $99,000 in an account paying an interest rate of 4\tfrac{5}{8}4 8 5 % compounded quarterly. After 16 years, how much more money would Melanie have in her account than Joshua, to the nearest dollar?

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Joshua invested $99,000 in an account paying an interest rate of 4\tfrac{1}{2}4 2 1 % compounded c...