How much simple interest is earned on a principal of $700 after 5 years if the account pays 3% annually?
2 answers:
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The equation which is equivalent to is
or x = 6 (
).
<u>Step-by-step explanation:</u>
Given Equation:
As we know, in terms of logarithmic rules, when b is raised to the power of y is equal x:
Then, the base b logarithm of x is equal to y
Now, use the logarithmic rule for the given equation by comparing with above equation. We get b = x, y = 2, and x = 36. Apply this in equation,
When taking out the squares on both sides, we get x = 6. Hence, the given equation can be written as