Question

An account earned interest of 3% per year. The beginning balance was $150. The equation t=log1.03 (E/150) represents the situation, where t is the time in years and E is the ending balance. If the account was open for 8 years, what was the ending balance?

Answer 1

The ending balance of the account after 8 years is approximately $184.16.

Step-by-step explanation:

To find the ending balance of the account after 8 years, we can use the equation t=log1.03(E/150), where t is the time in years and E is the ending balance. Since the account was open for 8 years, we can substitute t=8 into the equation.

8=log1.03(E/150)

To solve for E, we can isolate it by first multiplying both sides of the equation by 150 and then raising both sides to the power of 1.03.

E/150=1.03⁸

E=150*1.03⁸

Using a calculator, we can find that E is approximately $184.16.

Answer 2

190.02

Step-by-step explanation:

Trust