Jocelyn invested $56,000 in an account paying an interest rate of 7 3 8 7 8 3 % compounded continuously. Oliver invested $56,000 in an account paying an interest rate of 7 1 4 7 4 1 % compounded monthly. After 13 years, how much more money would Jocelyn have in her account than Oliver, to the nearest dollar?

$4,205

Step-by-step explanation:

Jocelyn

A = p × e^rt

Where,

P = principal = $56000

e = Napier's number = 2.7283

r = interest rate = 7 3/8% = 0.07375

t = time = 13 years

A = 56,000 × 2.7283^(0.07375×13)

= 56,000 × 2.7283^0.95875

= 56,000 × 2.6177

= 146,591.2

Approximately

A = $146,591 to the nearest dollar

Oliver

A = p(1 + r/n)^nt

= 56,000(1 + 0.0725/12)^12*13

= 56,000(1 + 0.0060)^156

= 56,000(1.0060)^156

= 56,000(2.5426)

= 142,385.6

Approximately

A = $142,386 to the nearest dollar

Jocelyn will have $4,205 more than Oliver

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step-by-step explanation: