What will be the value of his account in 5 years if he does not make any additional deposits or withdrawals?
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You can solve this analytically to get
.. 55000*(1 +x/100)^10 = 108193
.. (1 +x/100)^10 = 108193/55000
.. 1 +x/100 = (108193/55000)^(1/10)
.. x = 100*((108193/55000)^(1/10) -1) ≈ 7.00
but I find it just as fast to have a graphing calculator do it.
The city's population is increasing 7% per year.
.. 55000*(1 +x/100)^10 = 108193
.. (1 +x/100)^10 = 108193/55000
.. 1 +x/100 = (108193/55000)^(1/10)
.. x = 100*((108193/55000)^(1/10) -1) ≈ 7.00
but I find it just as fast to have a graphing calculator do it.
The city's population is increasing 7% per year.