krystalwillis832 krystalwillis832

01-07-2024
Mathematics

Answered

[tex]$5,000 is invested in two accounts. Account A earns an interest rate of 4% compounded quarterly. Account B earns\ \textless \ br/\ \textgreater \ 3% compounded continuously. At the end \ \textless \ br/\ \textgreater \ of 10 years, the total amount in accounts A & B together is $[/tex]7,040.
About how much was deposited into
each account 10 years ago?
[tex]$2,500 in each account\ \textless \ br/\ \textgreater \ [tex]$[/tex]3,000 in A; [tex]$[/tex]2,000 in B
[tex]$[/tex]2,100 in A; [tex]$[/tex]2,900 in B
[tex]$[/tex]1,500 in A; $[/tex]3,500 in B

Answer :

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