So for this you will be using an exponential equation, which is with a=initial value, b=growth/decay, y = total balance, and x = # of years
In this case, a = 500, and since with this problem the initial value is growing, you will add 100% to 6% to get 106%, or 1.06. The equation will be formed as such:
With this problem, just plug in 15 into x and solve for y:
In short, after 15 years Tom will have $1198.28 in his account.
=====================================================
Explanation:
Apply the difference of squares rule
x² - 4y² = 13
x² - (2y)² = 13
(x - 2y)(x + 2y) = 13
Since x and y are positive integers, this means x-2y and x+2y are both integers as well.
The value 13 is prime. Its only factors are 1 and 13
Since the above equation shows 13 factoring into x-2y and x+2y, then we have two cases:
----------------
Let's consider case A
We have this system of equations
Add the equations straight down
Therefore we have 2x = 14 solve to x = 7
From here, plug this into either equation to solve for y
x-2y = 1
7 - 2y = 1
-2y = 1-7
-2y = -6
y = -6/(-2)
y = 3
You should get the same result if you used x+2y = 13
----------------
Since we've found that x = 7 and y = 3, notice how case B is not possible
Example: x-2y = 13 becomes 7-2(3) = 13 which is false.
Also, x+2y = 1 would turn into 7+2(3) = 1 which is also false.
-----------------
Let's check those x and y values in the original equation
x² - 4y² = 13
7² - 4*(3)² = 13
49 - 4(9) = 13
49 - 36 = 13
13 = 13
The answer is confirmed.