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stiv31 [10]
3 years ago
12

total amount = P (1 + i)t What is the total amount that First Consumer Bank will receive after lending Jane $7,000 for three yea

rs at an interest rate of 5 percent, compounded annually? A. $8,103.38 B. $8,114.92 C. $8,358.37
Mathematics
1 answer:
Mazyrski [523]3 years ago
8 0

F = final amount = unknown

P = 7000 is the principal (amount loaned)

i = 0.05 is the decimal form of 5% interest rate

t = 3 years go by

Plug those three values into the formula below and simplify

F = P*(1+i)^t

F = 7000*(1+0.05)^3

F = 7000*(1.05)^3

F = 7000*(1.157625)

F = 8103.375

F = 8103.38

<h3>Answer: Choice A) $8,103.38</h3>
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timama [110]

Use the change-of-basis identity,

\log_x(y) = \dfrac{\ln(y)}{\ln(x)}

to write

xyz = \log_a(bc) \log_b(ac) \log_c(ab) = \dfrac{\ln(bc) \ln(ac) \ln(ab)}{\ln(a) \ln(b) \ln(c)}

Use the product-to-sum identity,

\log_x(yz) = \log_x(y) + \log_x(z)

to write

xyz = \dfrac{(\ln(b) + \ln(c)) (\ln(a) + \ln(c)) (\ln(a) + \ln(b))}{\ln(a) \ln(b) \ln(c)}

Redistribute the factors on the left side as

xyz = \dfrac{\ln(b) + \ln(c)}{\ln(b)} \times \dfrac{\ln(a) + \ln(c)}{\ln(c)} \times \dfrac{\ln(a) + \ln(b)}{\ln(a)}

and simplify to

xyz = \left(1 + \dfrac{\ln(c)}{\ln(b)}\right) \left(1 + \dfrac{\ln(a)}{\ln(c)}\right) \left(1 + \dfrac{\ln(b)}{\ln(a)}\right)

Now expand the right side:

xyz = 1 + \dfrac{\ln(c)}{\ln(b)} + \dfrac{\ln(a)}{\ln(c)} + \dfrac{\ln(b)}{\ln(a)} \\\\ ~~~~~~~~~~~~+ \dfrac{\ln(c)\ln(a)}{\ln(b)\ln(c)} + \dfrac{\ln(c)\ln(b)}{\ln(b)\ln(a)} + \dfrac{\ln(a)\ln(b)}{\ln(c)\ln(a)} \\\\ ~~~~~~~~~~~~ + \dfrac{\ln(c)\ln(a)\ln(b)}{\ln(b)\ln(c)\ln(a)}

Simplify and rewrite using the logarithm properties mentioned earlier.

xyz = 1 + \dfrac{\ln(c)}{\ln(b)} + \dfrac{\ln(a)}{\ln(c)} + \dfrac{\ln(b)}{\ln(a)} + \dfrac{\ln(a)}{\ln(b)} + \dfrac{\ln(c)}{\ln(a)} + \dfrac{\ln(b)}{\ln(c)} + 1

xyz = 2 + \dfrac{\ln(c)+\ln(a)}{\ln(b)} + \dfrac{\ln(a)+\ln(b)}{\ln(c)} + \dfrac{\ln(b)+\ln(c)}{\ln(a)}

xyz = 2 + \dfrac{\ln(ac)}{\ln(b)} + \dfrac{\ln(ab)}{\ln(c)} + \dfrac{\ln(bc)}{\ln(a)}

xyz = 2 + \log_b(ac) + \log_c(ab) + \log_a(bc)

\implies \boxed{xyz = x + y + z + 2}

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