Hello, here is my problem:
Alex invests $50,000 at an interest rate of 0.7% compounded monthly. Laura invests $40,000 at 9.5% compounded annually. After how many years will the two investments be equal in value?
okay so this is what I have so far
50,000 x (.07x12)^n=x
40,000 x .095^n=x
I am not really sure how to set up the equation and I'm pretty sure I started off wrong, help is much appreciated!