Wednesday

July 30, 2014

July 30, 2014

Posted by **Shannon** on Monday, August 23, 2010 at 6:13pm.

A) how much is in the account after 5 years?

B) use logarithms to determine how many years it will take for the account to grow to $1000.

Could someone show me how to do this step by step? Thank you

- Math -
**Reiny**, Monday, August 23, 2010 at 6:27pma) amount = 100(1.04)^5

= ...

b)

100(1.04)^n = 1000

1.04^n = 10

log[ 1.04^n ] = log 10

n log 1.04 = 1

n = 1/log 1.04 = ...

(you do the button-pushing)

**Related Questions**

differential equation - If P(t) is the amount of dollars in a savings bank ...

Algebra - Show how you substitute the values into the formula, then use your ...

Math - a person deposited $500 in a savings account that pays 5% annual interest...

math - 37. A person deposited $500 in a savings account that pays 5% annual ...

Math - A person deposited $500 in a savings account that pays 5% annual interest...

math - 37. A person deposited $500 in a savings account that pays 5% annual ...

math - a person deposited $500 in a savings account that pays 5% annual interest...

Math - Please check my work, thank you If $7,800 is deposited into an account ...

math - Samantha opened a savings account and deposited some money into the ...

Math - Find the future value of $800 deposited at 5% for 2 years if the account ...