Answer:
The compound interest one is better by about 14 bucks.
Step-by-step explanation:
Simple interest:
500(1+.06*10)=800
Compound interest:
500(1+.05)¹⁰=814.45
To solve for x we proceed as follows:
from the laws of logarithm, given that:
log_a b=c
then
a^c=b
applying the rationale to our question we shall have:
log_5 x=4
hence
5^4=x
x=625
Answer: x=625
First answer is the correct answer
