Question

Drag each symbol and number to the correct location on the inequality. Not all symbols and numbers will be used. Sam initially invested $4,500 into a savings account that offers an interest rate of 3% each year. He wants to determine the number of years, x, for which the account will have less than or equal to $7,020. Determine the solution set to the inequality that represents this situation.

Answer 1

Answer:

$t \leq 18.67\ years$

Step-by-step explanation:

we know that

The simple interest formula is equal to

$A=P(1+rt)$

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

$t=?\ years\\ P=\ 4,500\\ A=\ 7,020\\r=0.03$

The inequality that represented this situation is

$P(1+rt) \leq A$

substitute the values and solve for t

$4,500(1+0.03t) \leq 7,020$

$(0.03t) \leq (7,020/4,500)-1$

$t \leq [(7,020/4,500)-1]/0.03$

$t \leq 18.67\ years$