Jack invested $7,600 in an account paying an interest rate of 6\tfrac{1}{4}6 4 1 ​ % compounded continuously. John invested $7,600 in an account paying an interest rate of 6\tfrac{3}{4}6 4 3 ​ % compounded quarterly. After 19 years, how much more money would John have in his account than Jack, to the nearest dollar?

John would have $1371.33 more in his account than Jack.

Step-by-step explanation:

Formula to calculate amount after t years if compounded continuously:

Formula to calculate amount after t years if compounded quarterly:

, where P= Principal amount, r= rate of interest.

Given: P= $7,600

t=19 years

For Jack,

For John,

Amount in Jack's account after 19 years=

Amount in John's account after 19 years=

Difference = 26290.77-24919.44 = $ 1,371.33

John would have $1371.33 more in his account than Jack.