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March 27, 2017

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$100 is deposited in a savings account that pays 4% interest compounded annually.
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 - ,

    a) 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)

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