Help with compounding interest problem?

Posted on 2015-10-09 06:08:00 in Math by SANDRA

You have two bank accounts which have the same amount of money initially. One computes interest annually and the other computes continuously. The interest rate for the annual account is 3 percent.

1. If both accounts make the same amount of interest each year, what is the rate for the continuously compounded back account?

2. If you initially invest $3200 into each account, how much money will you have in each account after 5 years?

3.How many years will it take for the annually compounding account to double?

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