Algebra word problem

posted by .

please help me with the following:

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 -

    Set 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 -

    I got 10 years, but my answer choices are: a. 2010, b.2011, c.2009, d. 2012.
    And I don't understand how you took the natural log of both sides?

  • Algebra word problem -

    You 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.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. algebra

    A man invested half of his money at 5%, one-third of his money at 4%, and the rest of his money at 5.5%. If his total investment income was $570, how much had he invested?
  2. Algebra Grade 7

    You invest $275.00 in a money-market account that pays simple interest at a rate of 10%. How long must you leave your investment in the money-market account if you expect to earn $27.50 in interest?
  3. precalculus

    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 …
  4. Finance

    3. Joe and Sue invested $2000 at Bank America in 1995, at 6% compounded quarterly. In the year 2000 they moved to another city and took the total money from their first investment added $500 and invested it at Bank Bravo, at 7% compounded …
  5. Algebra 2

    some investments in the stock market have earned 10% annually. At this rate, earning can be found using the formula A=p(1.10)n, where A is the total value of the investment, P is the initial value of the investment, and n is the number …
  6. Math

    Please help me, I have to solve these problems: My great-grandfather invested $ 9.00 in a savings account in 1909. The amount of money in the account double every 9 years. * How much money would be in the account 99 years later?
  7. Math

    Please help me solve this problem: My great-grandfather invested $ 9. in a savings account in 1909. The amount of money in the account doubles every nine years. QUESTION; WHAT YEARWILL IT BE WHEN THE VALUE OF HIS INVESTMENT HITS $1 …
  8. Math

    The value of a particular investment follows a pattern of exponential growth. You invested money in a money market account. The value of your investment t years after your initial investment is given by the exponential growth model …
  9. math- HELP!

    The value of a particular investment follows a pattern of exponential growth. You invested money in a money market account. The value of your investment t years after your initial investment is given by the exponential growth model …
  10. College Algerbra

    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 …

More Similar Questions