anonymous
  • anonymous
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
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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chestercat
  • chestercat
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anonymous
  • anonymous
5800 = 1500 x 6.75 x t / 100
amistre64
  • amistre64
1500(1.0675)^t=7300
amistre64
  • amistre64
t = log(73/15) ---------- log(1.0675)

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More answers

amistre64
  • amistre64
log(73 / 15) / log(1.0675) = 24.2256916
amistre64
  • amistre64
24.22 or maybe .23
anonymous
  • anonymous
can you show me how you get that?
amistre64
  • amistre64
sure..... me or him? lol
anonymous
  • anonymous
bt i used simple interest
anonymous
  • anonymous
u used compound interest amistre
anonymous
  • anonymous
amistre
amistre64
  • amistre64
i did :)
amistre64
  • amistre64
the principle investment is 1500; and you mulitply that by( 1+.0675)^t
anonymous
  • anonymous
but which approach is correct?
amistre64
  • amistre64
1500(1.0675)^t = 7300 ; /1500 both sides (1.0675)^t = 7300/1500 = 73/15
amistre64
  • amistre64
take 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
  • amistre64
change of base allows us to modify the right side to something we can use on a calculator
amistre64
  • amistre64
logB(x) = log(x)/log(B)
amistre64
  • amistre64
t = log(73/15)/log(1.0675)
anonymous
  • anonymous
thank you for clearing it up for me!
amistre64
  • amistre64
:) no prob, i figure in 3 days ill forget it anyways so its good to write it down lol
anonymous
  • anonymous
lol 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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