Dave rented a limousine for his wife's birthday. The hourly rate is $70. They used the limousine for 4 hours, plus Dave gave the
2 answers:
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Answer:
$7,544.58
Step-by-step explanation:
We will use the compound interest formula provided to solve this:
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
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First, change 3.3% into its decimal form:
3.3% -> -> 0.033
Since the interest is compounded monthly, we will use 12 for n. Lets plug in the values now:
The balance after 1 year will be $7,544.58
Option A : is the solution of the equation.
Explanation:
The equation is
To determine the value of x, let us simplify the equation.
Subtracting 5 from both sides of the equation, we have,
Simplifying, we get,
Now , dividing both sides of the equation by 8, we get,
Using the logarithmic definition that if then
Thus, rewriting the above expression using the logarithmic definition, we have,
⇒
Substituting the value of , we get,
Rounding off the answer to two decimal places, we get,
Hence, the solution of the equation is
Therefore, Option A is the correct answer.