(07.03)
2 answers:
Answer:
Log base 2 of 6 over log base 2 of 3
Step-by-step explanation:
In order to make a change of base of a logarithm, we apply this principle:
Where:
a: current base of the logarithm [in this case a = 3]
b: argument of the logarithm [in this case b = 6]
c: new base of the logarithm [in this case c = 2]
Applying this principle in this exercise, we have:
This quotient of logarithms can be expressed as:
Log base 2 of 3 over log base 2 of 6
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The money in the Felix's account will be $6798 when he is 21.
<u>Step-by-step explanation:</u>
It is given that,
- The amount deposited is $2000.
- The account earns 6% compound interest.
- It is compounded annually for 21 years.
<u>To find the money in Felix's account after 21 years :</u>
The formula used here is,
⇒
where A is the amount after 21 years.
- P is the initial amount deposited ⇒ P = 2000
- r is the rate ⇒ r = 0.06
- n is the number of times interest is compounded per year⇒ n = 1
- t is the time period ⇒ t = 21
⇒
⇒
⇒
⇒
Therefore, The money in the Felix's account will be $6798 when he is 21.