Shane deposits $500 in an account that earns 7.4% interest compounded annually. What is the balance in the account after 3 years
1 answer:
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<span>We have this equation:
</span>
and we need to find the value of x.
First of all, we multiply the whole equation for 1/2, so our goal is to isolate x, therefore:
Next step we must do is to apply <span>logarithms:
</span>
Next, we have to apply identities and then to solve the equation:
Finally, we have the value of x which was our goal. This is the answer for the question above:
</span>
and we need to find the value of x.
First of all, we multiply the whole equation for 1/2, so our goal is to isolate x, therefore:
Next step we must do is to apply <span>logarithms:
</span>
Next, we have to apply identities and then to solve the equation:
Finally, we have the value of x which was our goal. This is the answer for the question above: