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Sam opened a money-market account that pays 2% simple interest. He started the account with $7,000 and made no further deposits. When he closed the account, he had earned $420 in…
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Sam opened a money-market account that pays 2% simple interest. He started the account with $7,000 and made no further deposits. When he closed the account, he had earned $420 in…
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Apr 27, 2018
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Sam opened a money-market account that pays 2% simple interest. He started the account with $7,000 and made no further deposits. When he closed the account, he had earned $420 in interest. How long did he keep his account open?
Mathematics
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Nacojohn
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3 years
ar(n)=total a is the first number which is 7000 r is the common ratio which is 100%+2%=102 102 divided by 100 giving u 1.02(interest) so ar(n)=sum n is written as power.....and is the number of years so 7000*1.02(n)=(7000+420) 1.02(n)=7420/7000 1.02(n)=1.06 log10 1.02(n)=log10(1.06) ( multiply log10 with both) n=log10(1.06)/log10 (1.02) u get 2.94 which is round off to 3 so 3 years.. hope This helps :)
Firas Omrane
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May 3, 2018
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Firas Omrane
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