Joshua invested $110 in an account paying an interest rate of 2 1/2% compounded annually. Zoey invested $110 in an account paying an interest rate of 2 5/8% compounded continuously. To the nearest dollar, how much money would Zoey have in her account when Joshua's money has doubled in value?

Step-by-step explanation:

1. Calculate the time for Joshua's investment to double

The formula for interest compounded annually is  

A = P(1 + r)ᵗ

where

A = Accrued Amount

P = Principal Amount

r =annual interest rate as a decimal

t = time in years

(a) Data

A = $220

P = $110

r =0.025

(b) Calculation

It will take 28.07 yr for Joshua to double his investment.

2. Calculate the value of Zoey's investment

The formula for interest compounded continuously is

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