consider that 15(1.055)^x shows the balance in a savings account over time with no additional deposits or withdrawals. Which sta
2 answers:
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Answer:
0.70275
Step-by-step explanation:
Data provided in the question:
4e²ˣ⁻¹ -1 = 5
now solving for 'x'
⇒ 4e²ˣ⁻¹ = 5 + 1
or
⇒ 4e²ˣ⁻¹ = 6
or
⇒
or
⇒
now,
taking natural log both sides, we get
⇒ 2x - 1 =
also,
we know
⇒
thus,
⇒ 2x - 1 = ln(3) - ln(2)
or
⇒ 2x - 1 = 1.0986 - 0.6931
or
⇒ 2x - 1 = 0.4055
or
⇒ 2x = 0.4055 + 1
or
⇒ 2x = 1.4055
or
⇒ x = 0.70275