Love Romero
06/27/2024 · Junior High School

Jim places \( \$ 10,000 \) in a bank account that pays \( 5.8 \% \) compounded continuously. After 2 years, will he have enough money to buy a car that costs \( \$ 11,243 \) ? If another bank will pay Jim \( 6 \% \) compounded semiannually, is this a better deal? After 2 years, Jim will have \( \$ \square \). (Round to the nearest cent as needed.) Jim will After 2 years, the other bank will yield \( \$ \square \). (Round to the nearest cent as needed.) Is the other bank's offer a better deal? No. Jim's bank ( \( 5.8 \% \) compounded continuously) is better. Yes. The other bank ( \( 6 \% \) compounded semiannually) is better.

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After 2 years, Jim will have \( \$ 11,230.00 \). After 2 years, the other bank will yield \( \$ 11,255.00 \). Yes. The other bank is a better deal.

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