Questions for you to answer. Write out your answer in the box below and make sure to explain your reasoning if prompted. By looking at the chart, how long does it take for the account to double in value? Answer in years. Answer: Q. 2 Again by looking at the chart, how long does it take for the account to again double in value? i.e. from the answer you got for question 1. Answer: Q. 3 What do the x-axis and y-axis represent on this scatter-plot? Answer: Look at the formula for compound interest and use it to compute the |amount in the account after 62 years. Write out what it looks like when you plug in all of the known values, but do not solve or simplify. Use "*" for multiplication and "A" for exponentiation and make sure to use parenthesis to address order of operations correctly. 2. 4 Perform calculatio Answer: (use excel as your
Questions for you to answer. Write out your answer in the box below and make sure to explain your reasoning if prompted. By looking at the chart, how long does it take for the account to double in value? Answer in years. Answer: Q. 2 Again by looking at the chart, how long does it take for the account to again double in value? i.e. from the answer you got for question 1. Answer: Q. 3 What do the x-axis and y-axis represent on this scatter-plot? Answer: Look at the formula for compound interest and use it to compute the |amount in the account after 62 years. Write out what it looks like when you plug in all of the known values, but do not solve or simplify. Use "*" for multiplication and "A" for exponentiation and make sure to use parenthesis to address order of operations correctly. 2. 4 Perform calculatio Answer: (use excel as your
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.6: Exponential And Logarithmic Equations
Problem 70E
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Transcribed Image Text:12:47 AM Fri Feb 19
1 100%
DQR 100 Mini Project 4 Doubling Your Money
...
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B IU abe
A
АВС
123
Σ
A
12
fx Solve the expression logarithm of 1.00583 raised to the power 12th with base 1.pp583 on the rigth side by using the property that logarithm of a raised to the power of x
A
В
D
E
F
H
J
K
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1
Questions for you to answer. Write out your answer in the box below and make
sure to explain your reasoning if prompted.
3
4
By looking at the chart, how long does it take for the account to double in
value? Answer in years.
Q. 1
7
8
Answer:
9.
10
Again by looking at the chart, how long does it take for the account to
again double in value? i.e. from the answer you got for question 1.
11
Q. 2
12
13
14
Answer:
15
16
17 Q. 3
What do the x-axis and y-axis represent on this scatter-plot?
18
19
20
Answer:
21
22
Look at the formula for compound interest and use it to compute the
amount in the account after 62 years. Write out what it looks like when
|you plug in all of the known values, but do not solve or simplify. Use "*"
for multiplication and "A" for exponentiation and make sure to use
parenthesis to address order of operations correctly.
23 Q. 4
24
25
26
27
28
Perform calculations here:
29
Answer:
30
(use excel as your calculator)
31
32 Q. 5
Copy and paste your answer from Sheet3 here.
Sheet1; Directions
Sheet2; Observing t...
Sheet3; Solving a Lo...
Sheet4; Questions t...
>
+
Transcribed Image Text:12:47 AM Fri Feb 19
1 100%
DQR 100 Mini Project 4 Doubling Your Money
...
Home
Insert
Draw
Formulas
Data
Review
View
Calibri (Body)
B IU abe
A
АВС
123
Σ
A
12
fx Solve the expression logarithm of 1.00583 raised to the power 12th with base 1.pp583 on the rigth side by using the property that logarithm of a raised to the power of x
A
E
F
H
J
K
N
T
U
V
1
2
Step 2:
Go to Sheet3 and read the prompt.
describe what changed.
Five years later Lin finds a better account that will pay 7% interest compounded monthly, so Lin moves the money to that
account. They don't have the data mapped out this time but again wants to know how many years it will take for the
account to double in value. We will help them find out by solving the equation by using logarithms.
3
Carefully study each step in solving the equation
4
Copy each answer for each step into questions 5 through 12.
Answer question 14 on Sheet4.
6.
7
Year
Compounding Period
8
Amount
Interest Rate
9.
$128,335.87
7%
12
10
In these boxes describe in words the step towards solving the equation.
(Usually this means an operation was applied to both sides of the equation or some expression was simplified on one side of the equation.)
The first two are answered already as an example:
This is the formula for compounded interest.
11
12
13
nt
)*
14
A(t) = P (1+
15
n.
16
17
Here we replaced the result with 2P because we want to know when
nt
the Principal will be doubled, hence 2*P.
2P = P (1+
18
19
n.
Substitute P= 128335.87 as we have been given that amount deposited
is $128335.87
20
12t
0.07)
21
2 * 128335.87
128335.87 ( 1+
22
12
23
Answer for Q.5
24
Solve the expression in the parentheses on the right hand side.
2 * 128335.87
128335.87(1.00583)12t
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26
Answer for Q.6
27
Cancel put the common factor 128335.87 from the both sides of the
2 = (1.00583)12t
|equation to simplify the equation.
Take the logarithm with base 1.00583 to both sides of the equation
28
Q.7
29
log1.00583 2
log1.00583 (1.0058312t)
30
Q.8
Solve the expression logarithm of 1.00583 raised to the power 12th
with base 1.pp583 on the rigth side by using the property that
Calculate the value of logarithm of 2 with base 1.00583
31
log1.00583 2 = 12t
32
Q.9
33
119.23941
12t
34
Q.10
Divide both sides of the equation by 12 and cancel out the common
factor 12 in the numerator and denominator of the right hand side
35
119.23941
36
= t
12
37
Q.11
expression
Now solve the expression on the left hand side by dividing 119.23941
by 12.
38
9.93662 = t
39
Q.12
40
41
42
43
44
45
46
47
48
49
50
Sheet1; Directions
Sheet2; Observing t...
Sheet3; Solving a L...
Sheet4; Questions t...
+
Expert Solution
Step 1
(1)
From the chart it is determined that it will take for the amount to double..
Hence, the amount in the account will be doubled approximately after 10 years.
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