Question

An account earned interest of 3% per year. The beginning balance was $150. The equation t=log1.03 (E/150) represents the situation, where t is the time in years and E is the ending balance. If the account was open for 8 years, what was the ending balance?

Answer 1

Answer:

the ending balance is $190.

Step-by-step explanation:

Step 1:

The given information is:

Interest rate = 3% per year

Beginning balance = 150 $

Equation:

t = log₁.₀₃ (E / 150)

Step 2:

Solve for E:

8 = log₁.₀₃ (E / 150)

E / 150 = (1.03)⁸

E = (1.03)⁸ (150)

E = 190 $

Therefore, the ending balance is $190.