Step 2: Go to Sheet3 and read the prompt. 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. Carefully study each step in solving the equation and describe what changed. Copy each answer for each step into questions 5 through 12. Answer question 14 on Sheet4. Amount Interest Rate Compounding Period Year $128,335.87 7% 12 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. rnt A(t) = P (1 +-) Here we replaced the result with 2P because we want to know when the Principal will be doubled, hence 2*P. 2P = P (1+5)" nt 0.07 12t 2. 128335.87 = 128335.87 %3D 12 Answer for Q.5 2 • 128335.87 = 128335.87(1.00583)12t Answer for Q.6 2 = (1.00583)12e Q7 Q8 log1.00583 2 = log1.00583 (1.0058312) log100583 2 = 12t Q9 119.23941 = 12t Q 10 119.23941 = t 12 Q11 9.93662 = t Q 12

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter7: Systems Of Equations And Inequalities

Section7.2: Systems Of Linear Equations: Three Variables

Problem 63SE: You inherit one million dollars. You invest it all in three accounts for one year. The first account...

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Question

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Step 2:
Go
Sheet3 and read the prompt.
Carefully study each step in solving the equation and 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.
Copy each answer for each step into questions 5 through 12.
Answer question 14 on Sheet4.
Year
Amount
Interest Rate
Compounding Period
$128,335.87
7%
12
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.
P(1 +)"
= r(1+)*
nt
= P (1+-
n
Here we replaced the result with 2P because we want to know when
nt
the Principal will be doubled, hence 2*P.
2P
12t
0.07
128335.87 ( 1+
2 * 128335.87 =
Answer for Q.5
2 * 128335.87
128335.87(1.00583)12t
||
Answer for Q.6
2 = (1.00583)12t
Q.7
log1.00583 2 =
log1,00583 (1.0058312€)
Q.8
Q.9
log1.00583 2 =
12t
119.23941 = 12t
Q.10
119.23941
= t
12
Q.11
9.93662 =t
Q.12

Expert Solution

Step 1

given:

Five years later Lin finds a better account that will pay 7% interest compounded monthly, so Lin moves that 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.

amount=$128335.87, interest rate=7% and compounding period is 12.

the given table is:

in the blank boxes we have to describe in words the step towards solving the equation.

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