Question

Mia is tracking her savings account balance . She knows the equation to find her balance y in any year t, but she can't remember represents . balance years after opening her account, is $9,90554. What is the value of p?

Answer 1

Complete question is;

Mia is tracking her savings account balance. She knows the equation y = 8000p^(t) can be used to find her balance y in any year t, but she can't remember what p represents. Her balance 3⅔ years after opening her account, is $9,905.54. What is the value of p?

Answer:

p = 1.06

Step-by-step explanation:

We are told that the equation y = 8000p^(t) can be used to find her balance y in any year t.

Now, we are given t = 3⅔ = 11/3 years

Also, we are given balance after 11/3 years as;

y = $9,905.54

Thus;

Plugging the relevant values into y = 8000p^(t), we have;

9,905.54 = 8000p^(11/3)

p^(11/3) = 9905.54/8000

p = (9905.54/8000)^(3/11)

p = 1.06