18. Use the following information to answer question 18. Darlene received an inheritance of $15 000. She invested it in a GIC that carns 4.5% per year, compounded annually. She would like this investment to accumulate to $25 000, which she can put toward a down payment on a house. The table below shows Darlene's balance over the first 5 years. Time, f (years) 0 1 2 3 4 5 Amount, 15 000 15 675 16 380 17 117 17 888 18 693 (S) Use a logarithmic regression equation to determine the time it takes, to the nearest tenth of a year, for the balance to equal $25 000. (Hint: LI-Amount; L2- Time).
18. Use the following information to answer question 18. Darlene received an inheritance of $15 000. She invested it in a GIC that carns 4.5% per year, compounded annually. She would like this investment to accumulate to $25 000, which she can put toward a down payment on a house. The table below shows Darlene's balance over the first 5 years. Time, f (years) 0 1 2 3 4 5 Amount, 15 000 15 675 16 380 17 117 17 888 18 693 (S) Use a logarithmic regression equation to determine the time it takes, to the nearest tenth of a year, for the balance to equal $25 000. (Hint: LI-Amount; L2- Time).
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Transcribed Image Text:Use the following information to answer question 18.
Darlene received an inheritance of $15 000. She invested it in a GIC that
carns 4.5% per year, compounded annually. She would like this investment to
accumulate to $25 000, which she can put toward a down payment on a house.
The table below shows Darlene's balance over the first 5 years.
Time, / (years)
0
1
2
3
4
5
Amount, A (S)
15 000
15.675
16.380
17 117
17 888
18 693
18 Use a logarithmic regression equation to determine the time it takes, to the nearest tenth of a
year, for the balance to equal $25 000. (Hint: LI-Amount; L2 = Time).
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