adam put $100 in a savings account after 10 years he had $1649 in the account what rate of interest did he earn? use the formula a=pe^rt where a is the ending amount p is the principal (initial amount) r is the interest rate and t is the time
2 answers:
Using the formula ending amount is 1649=a p=initial amount=100 t=10 r=r so 1649=100e^{10r} divide both sides by 100 16.49=e^{10r} take ln of both sides ln(16.49)=10r divide both sides by 10 (ln(16.49))/10=r use calculator 0.28027=r about 28% interest
To fill in the equation would look like this: 1649 = 100e^(10r) I then divided both side by 100 then use logs to help me solve from there resulting in the answer of about 28.0%
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