An investor puts $2,500 into a life insurance policy that pays 8.5% simple annual interest. If no additional investment is made
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Answer:
The population will reach 34,200 in February of 2146.
Step-by-step explanation:
Population in t years after 2012 is given by:
In what month and year will the population reach 34,200?
We have to find t for which P(t) = 34200. So
Solving a quadratic equation:
Given a second order polynomial expressed by the following equation:
.
This polynomial has roots such that
, given by the following formulas:
In this question:
So
Then
We only take the positive value.
134 years after 2012.
.14 of an year is 0.14*365 = 51.1. The 51st day of a year happens in February.
So the population will reach 34,200 in February of 2146.