You can solve this by squaring both sides to first cancel out the square root on the left. Then, you can eliminate each term as your normally would.
Now, you're given the opportunity to find your solution using the quadratic formula. That formula is:
You can find out a, b, and c by comparing your new equation to the standard form. Luckily, we just put our equation into standard form:
To find your solution, plug these numbers into the quadratic formula and solve.
Remember to use PEMDAS when solving these problems.
Now, solve this final bit by adding the top terms then subtracting them for two different answers.
Don't assume that both of these are correct. The very last step is to plug both of these into the original problem you were given and see if they make the equation true.
The growth rate he needs to achieve his goal is approximatelly 19.8%
Step-by-step explanation:
Since the sum will be compounded continuously we have to use the appropriate formula given below:
M = C*e^(r*t)
Where "M" is the final amount, C is the initial amount, r is the interest rate and t is the time elapsed. Since Sung Lee will invest that sum at 18 years old and he wants to recieve the return at 25, then the time elapsed is given by 25 -18 = 7 years. We can now apply the data to the formula:
16000 = 4000*e^(r*7)
4000*e^(7*r) = 16000
e^(7*r) = 16000/4000 = 4
ln[e^(7*r)] = ln(4)
7*r = ln(4)
r = ln(4)/7 = 0.198
The rate of interest is given by (r)*100%, so we have (0.198)*100% = 19.8%.
The method applied in this scenario is called simple random sampling. A sample of 100 customers is chosen from a larger population of customers and each customer has the same chance of being selected for the survey at any given time. Also, the chance of selecting 100 customers from each store is the same during the sampling process. The order of sampling at each store does not follow a certain order, thus, It is different from systematic random sampling.