Math Problem Statement
.Arianna invested $250 in an account paying an interest rate of 8, one quarter841% compounded continuously. Lily invested $250 in an account paying an interest rate of 8, start fraction, 3, divided by, 4, end fraction843% compounded quarterly. After 18 years, how much more money would Lily have in her account than Arianna, to the nearest dollar?
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Continuous Compounding
Quarterly Compounding
Formulas
Continuous Compound Interest Formula: \( A = P e^{rt} \)
Quarterly Compound Interest Formula: \( A = P \left( 1 + \frac{r}{n} \right)^{nt} \)
Theorems
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Suitable Grade Level
High School
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