It takes 10 years for a $100 monthly bank deposit to amount to $15,528.23 when invested at 5% interest compounded monthly. Round to the nearest place value, then express the amount $15,528.23 in the form of a x10^n
where a
is single digit
To express the amount $15,528.23 in the form of $a \times 10^n$ where $a$ is a single digit, first we need to round $15,528.23$ to the nearest place value such that $a$ is a single digit.
Rounding $15,528.23$ to the nearest hundred gives us $15,500$. However, we can express this number more precisely while keeping $a$ as a single digit before the decimal point:
$15,528.23 \approx 1.552823 \times 10^4$
Since we need to round to the nearest place value, we round $1.552823$ to $1.6$ to get:
$15,528.23 \approx 1.6 \times 10^4$
Here, $1.6$ is our single digit $a$ rounded to one decimal place, and $10^4$ indicates that the number is in the ten-thousands.