An account earned interest of 3% per year. The beginning balance was $150. The equation t=log1.03E150 represents the situation, where t is the time in years and E is the ending balance.If the account was open for 8 years, what was the ending balance?Round to the nearest cent and do not include '$' in your answer.

Question
Asked Nov 13, 2019
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An account earned interest of 3% per year. The beginning balance was $150. The equation t=log1.03E150 represents the situation, where t is the time in years and E is the ending balance.

If the account was open for 8 years, what was the ending balance?

Round to the nearest cent and do not include '$' in your answer.

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Expert Answer

Step 1

Given information

Interest rate = 3% per year

Bigning balance = 150 $

Equation

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E t=log,03 150 where t=time, E-ending balance

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Step 2

To determine: ending balance if account is open for 8 year

Step 3

Calculation

Put t = 8 in ...

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Е 8=log1.03 150 E (1.03) 150 E =(1.03)x150 E 190.0155 so, E 190

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Algebra