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
