7400 dollars is placed in an account with an annual interest rate of 7%. To the nearest
1 answer:
Answer:
23.4 years.
Step-by-step explanation:
7400 dollars is placed in an account with an annual interest rate of 7%.
Now, let us assume that the interest is compounded annually and it will take x years for account value to reach 36000 dollars.
Hence, from the formula of compound interest, we can write that
⇒
Taking ln both sides we get,
x ln (1.07) = ln (4.865)
⇒ x = 23.4 years.
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Assuming a diagram similar to the one I've attached, ∠<em>YVZ</em> is a vertical angle to ∠<em>WVX</em>, which means they have an equal measure. Additionally, ∠<em>WVZ</em> and ∠<em>WVX</em> form a linear pair, which means they are supplementary (sum to 180°). That means we start out with the equation
We combine our like terms (the <em>x</em>'s get combined, then the constants get combined) and have:
Cancel the 9 first by subtraction:
Cancel the 19 by division:
Since we know that our angle we're looking for, ∠<em>YVZ</em>, is the same measure as ∠<em>WVX</em>, we substitute 9 in for <em>x</em>:
8(9)+28=72+28=100°
We combine our like terms (the <em>x</em>'s get combined, then the constants get combined) and have:
Cancel the 9 first by subtraction:
Cancel the 19 by division:
Since we know that our angle we're looking for, ∠<em>YVZ</em>, is the same measure as ∠<em>WVX</em>, we substitute 9 in for <em>x</em>:
8(9)+28=72+28=100°