Friday

January 30, 2015

January 30, 2015

Posted by **Soph.** on Thursday, October 25, 2007 at 10:06pm.

The value of a particular investment follows a pattern of exponential growth. In the year 2000, you invested money in a money market account. The value of your investment t years after 2000 is given by the exponential growth model a=3000e^0.053t When will the account be worth $5097?

- Algebra word problem -
**drwls**, Thursday, October 25, 2007 at 10:26pmSet 3000e^0.053t = $5097

e^0.053t = 5097/3000 = 1.699

Take the natural log of both sides

.053 t = 0.53

t = _?_ years

- Algebra word problem -
**Soph.**, Thursday, October 25, 2007 at 11:12pmI got 10 years, but my answer choices are: a. 2010, b.2011, c.2009, d. 2012.

And I dont understand how you took the natural log of both sides?

- Algebra word problem -
**drwls**, Thursday, October 25, 2007 at 11:25pmYou add t to the year 2000 in this case, so the answer is a.

Taking the natural log (to base e) was in my case done with a hand calculator. The natural log of e^x is x.

**Answer this Question**

**Related Questions**

precalculus - the value of a particular investment follows a pattern of ...

algebra interest word problem - Solve the problem. Roberto invested some money ...

Finance - 3. Joe and Sue invested $2000 at Bank America in 1995, at 6% ...

algebra - A man invested half of his money at 5%, one-third of his money at 4%, ...

algebra - A man invested half of his money at 5%, one-third of his money at 4%, ...

Math - Please help me, I have to solve these problems: My great-grandfather ...

Algebra - In 2005, Lee invested $2000 in a fund that pays 5% interest for the ...

math - The following graph shows the growth of the median home value in a ...

investment - A certain amount of money is invested at 6% per year. A second ...

investment - A certain amount of money is invested at 6% per year. A second ...