An account earned interest of 5% per year. The beginning balance was $250. The equation t=log1.05E250 represents the situation,
where t is the time in years and E is the ending balance.
1 answer:
Answer:
t=3 years
Step-by-step explanation:
t=log1.05E250
t= time in years
E= ending balance.
Interest=5% per year
Ending balance=$289.41
Note: write Log 1.05 as written in the question
t= log1.05 E/250
=log1.05 (289.41 / 250)
=Log 1.05 (1.15764)
=Log (1.15764) / log (1.05)
= 0.0636 / 0.0212
=3
Therefore,
t=3 years
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