Question

since birth hakem has had a savings account that started at $3,000 and had been growing at a rate of 13% per year the amount of money in the account can be modeled by the equation y equals P =(1.13)^ Z where why is the value of the count is the number of years and pee was original deposit amount is it possible for hakem account to grow to $31812 11.42 in hakem lifetime?( try to figure out the bounds of the perameter)

Answer 1

For this case we have the following formula:

`y=3000(1.13)^x^{}`

And we want to find the value for t in order to have y = 3181211.42 , solving for y we got:

`3181211.42=3000(1.13)^x`

and solving for x we got:

`\ln ((3181211.42)/(3000))=x\cdot\ln (1.13)`
`x=56.99\approx57`

for this case we need 57 years to reach the amount so then assuming that a person lives about 80 years , then is possible

yes