You place $1,000 in an account that pays 7% interest compounded continuously.You plan to hold the account exactly 3 years.Simultaneously,in another account you deposit money that earns 8% compounded semiannually.If the accounts are to have the same amount at the end of the 3 years,how much of an initial deposit do you need to make now in the account that pays 8% interest compounded semiannually?
A)$ 835.94
B)$ 879.93
C)$ 926.24
D)$ 974.99
E)$1,023.74

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The Answer of You place $1,000 in an account that pays 7% interest compounded continuously.You plan to hold the account exactly 3 years.Simultaneously,in another account you deposit money that earns 8% compounded semiannually.If the accounts are to have the same amount at the end of the 3 years,how much of an initial deposit do you need to make now in the account that pays 8% interest compounded semiannually?
A)$ 835.94
B)$ 879.93
C)$ 926.24
D)$ 974.99
E)$1,023.74

You Place $1,000 in an Account That Pays 7% Interest