from time t=0, with t in years, a $1200 deposit in a bandkaccount grows accorkding to the formulaB=1200(exponential)^(0.03t) a)what is the balance in the account at the of 100years? b)when does the balance first go over $50,000?
Matonya
Answered question
2022-08-04
From time t=0, with t in years, a $1200 deposit in a bandkaccount grows accorkding to the formula B=1200(exponential)0.03t a)what is the balance in the account at the of 100years? b)when does the balance first go over $50,000?
Answer & Explanation
Kasen Schroeder
Beginner2022-08-05Added 21 answers
a) for this part, t = 100, so we substitute this into the equation andsolve: solved this using a calculator, sothe balance at 100 years is approximately $24,102.6 b) for this part, the balance or B is greater than 50,000, so settingup the equation divide both sides by 1200 take the ln of both sides divide everything by 0.03
t> 124.323 So the balance will go over $50,000 after about 124.323 years
musicintimeln
Beginner2022-08-06Added 3 answers
a)what is the balance in the account at the of 100years? When t = 100
b)when does the balance first go over $50,000? B = 50,000 and solve for t
Take natural log on both sides to elimitate e
t=124.32 Therefore, the balance goes over $50 000 after about 124years and 4 months