Respuesta :
The amount of money would Nora have more in her account than Ella after 11 years is $714 to the nearest dollar.
What is compound interest?
Compound interest is the amount charged on the principal amount and the accumulated interest with a fixed rate of interest for a time period.
The formula for the final amount with the compound interest formula can be given as,
[tex]A=P\times\left(1+\dfrac{r}{100}\right)^{t}\\[/tex]
Here, A is the final amount (principal plus interest amount) on the principal amount P of with the rate r of in the time period of t.
Nora invested $6,300 in an account paying an interest rate of 7(3/4)% compounded continuously. Convert this rate of interst in fractional form as,
[tex]r=7\dfrac{3}{4}\\r=\dfrac{31}{4}[/tex]
The principal amount of Nora is $6300 and time period is 11 years. Thus the amount in her account after 11 years will be,
[tex]A=6300\times\left(1+\dfrac{31}{4\times100}\right)^{11}\\A=14319.59[/tex]
Ella invested $6,300 in an account paying an interest rate of 7\tfrac{1}{4}7 4 1 % compounded monthly. Convert this rate of interst in fractional form as,
[tex]r=7\dfrac{1}{4}\\r=\dfrac{29}{4}[/tex]
The principal amount of Elia is $6300 and time period is 11 years. Thus the amount in her account after 11 years will be,
[tex]A=6300\times\left(1+\dfrac{29}{4\times100}\right)^{11}\\A=13605.39[/tex]
The differnce is,
[tex]d=14319.59-13605.39\\d=714.20\\d\approx714[/tex]
Thus the amount of money would Nora have more in her account than Ella after 11 years is $714 to the nearest dollar.
Learn more about the compound interest here;
https://brainly.com/question/24274034
