2 Answers

Wade J · Answer 1 · 2023-07-10T16:02:58+0000

Answer: A.

$\frac{\operatorname{\ln}(1.22)}{5}$

Step-by-step explanation

We are given the equation:

$A(t)=3,531\cdot e^((rt))$

As we are said that the account balance is $4,313 after 5 years, then we can replace the values as follows:

$4,313=3,531e^((r\cdot5))$

Thus, we have to isolate for r:

Then, we apply a natural logarithm to both sides of the equation to cancel out the Euler constant.

$\ln(1.22)=\ln(e^(5r))$
$\operatorname{\ln}(1.22)=5r$

Finally, we divide both sides of the equation against 5:

$r=(\ln(1.22))/(5)$

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