Alex wants to have $10,000 for a car in 8 years. Alex finds an account that earns 15% interest, compounded monthly. How
1 answer:
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Answer:
x = 1.434 and x=0.232
Step-by-step explanation:
To find the root of the equation stated above we need to:
(1) Write the polynomial equation with zero on the right hand side:
⇒
(2) Divide the whole equation by 3
⇒
(3) Use the quadratic formula to solve the quadratic equation:
The quadratic formula states that the two solutions for a quadratic equation is given by:
(1)
In this case, a = 1, b =
Substituiting a, b and c in equation (1) We get:
(1)
The two solutions are:
x = 1.434 and x=0.232