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3 years ago

A savings account is started with an initial deposit of $700. The account earns 1.5% interest compounded

Mathematics

1 answer:

marusya05 [52]3 years ago

4 0

Answer:

(a) A = 700×1.015^t

(b) 36.2 years

Step-by-step explanation:

(a) Each year, the account value is multiplied by (1 + 1.5%) = 1.015. Repeated multiplication is signified using an exponent. In t years, when the account has been multiplied by 1.015 t times, the account value will be ...

A = $700×1.015^t

(b) You want to find t when A=$1200. Logarithms are involved.

1200 = 700×1.015^t . . . . use 1200 for A

1200/700 = 1.015^t . . . . . divide by 700

log(12/7) = t×log(1.015) . . . . . take logarithms

log(12/7)/log(1.015) = t ≈ 36.2 . . . . divide by the coefficient of t

It will take about 36.2 years for the account balance to reach $1200.

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<h3>What is average salary?</h3>

The average salary is calculated based on reported salaries of respondents. The average salary definition is to add the salaries in the sample together, then divide by the number of respondents.

Given that:

In a group of 60 workers, the average salary is $80 a day per worker.

If some of the workers earn $75 a day and all the rest earn $100 a day.

Let 'x' be the total number of workers that earn $75 per day.

So, the total number of workers that earn $100 per day is (60 - x).

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Learn more about the concept here:

brainly.com/question/21835898

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