Jordan invested $97,000 in an account paying an interest rate of 1.6% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to
the nearest year, for the value of the account to reach $109,700?

t≈ 8

Step-by-step explanation:

\text{Compounded Monthly:}

Compounded Monthly:

A=P\left(1+\frac{r}{n}\right)^{nt}

A=P(1+  

n

r

)  

nt

Compound interest formula

A=109700\hspace{35px}P=97000\hspace{35px}r=0.016\hspace{35px}n=12

A=109700P=97000r=0.016n=12

Given values

109700=

109700=

\,\,97000\left(1+\frac{0.016}{12}\right)^{12t}

97000(1+  

12

0.016

)  

12t

Plug in values

109700=

109700=

\,\,97000(1.0013333)^{12t}

97000(1.0013333)  

12t

Simplify

\frac{109700}{97000}=

97000

109700

=

\,\,\frac{97000(1.0013333)^{12t}}{97000}

97000

97000(1.0013333)  

12t

Divide by 97000

1.1309278=

1.1309278=

\,\,1.0013333^{12t}

1.0013333  

12t

\log\left(1.1309278\right)=

log(1.1309278)=

\,\,\log\left(1.0013333^{\color{blue}{12t}}\right)

log(1.0013333  

12t

)

Take the log of both sides

\log\left(1.1309278\right)=

log(1.1309278)=

\,\,\color{blue}{12t}\log\left(1.0013333\right)

12tlog(1.0013333)

Bring exponent to the front

\frac{\log\left(1.1309278\right)}{\log\left(1.0013333\right)}=

log(1.0013333)

log(1.1309278)

=

\,\,\frac{12t\log\left(1.0013333\right)}{\log\left(1.0013333\right)}

log(1.0013333)

12tlog(1.0013333)

Divide both sides by log(1.0013333)

92.3402971=

92.3402971=

\,\,12t

12t

Use calculator

\frac{92.3402971}{12}=

12

92.3402971

=

\,\,\frac{12t}{12}

12

12t

Divide by 12

7.6950248=

7.6950248=

\,\,t

t

1.30

step-by-step explanation:

sas (side angle side)

aa (angle angle)

sss(side side side)

sas find two sides with an angle in between

aa is finding two angles and the third will add up to 180

sss find all sides

step-by-step explanation: