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anonymous
 5 years ago
Thomas wants to save money for a vacation. Thomas invests $1,500 in an account that pays an interest rate of 6.75%. How many years will it take for the account to reach $7,300? Round your answer to the nearest hundredth
anonymous
 5 years ago
Thomas wants to save money for a vacation. Thomas invests $1,500 in an account that pays an interest rate of 6.75%. How many years will it take for the account to reach $7,300? Round your answer to the nearest hundredth

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anonymous
 5 years ago
Best ResponseYou've already chosen the best response.05800 = 1500 x 6.75 x t / 100

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.2t = log(73/15)  log(1.0675)

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.2log(73 / 15) / log(1.0675) = 24.2256916

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0can you show me how you get that?

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.2sure..... me or him? lol

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0bt i used simple interest

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0u used compound interest amistre

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.2the principle investment is 1500; and you mulitply that by( 1+.0675)^t

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0but which approach is correct?

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.21500(1.0675)^t = 7300 ; /1500 both sides (1.0675)^t = 7300/1500 = 73/15

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.2take the log of base (1.0675) to each side to get: log1.0675(1.0675^t) = log1.0675(73/15) / factor the ^t t log1.0675(1.0675) = log1.0675(73/15) logB(B) = 1 so....... t = log1.0675(73/15)

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.2change of base allows us to modify the right side to something we can use on a calculator

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.2logB(x) = log(x)/log(B)

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.2t = log(73/15)/log(1.0675)

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0thank you for clearing it up for me!

amistre64
 5 years ago
Best ResponseYou've already chosen the best response.2:) no prob, i figure in 3 days ill forget it anyways so its good to write it down lol

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0lol yeah that's true. i just posted another question also. just need to know if i got the right answer & used the right equation for once!
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