Stocks in a certain industry depreciated by 5.4% in the first 8 months of 1993. Assuming that this trend were to continue, how much (in dollars) would a $30,000 investment be worth in 8 years? [HINT: Eight years corresponds to 12 eight-month periods.] (Round your answer to the nearest cent.) $

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter5: Exponential And Logarithmic Functions
Section5.4: Exponential And Logarithmic Equations
Problem 11ECP: In Example 11, during which year did the sales reach $180 billion?
icon
Related questions
Question
Stocks in a certain industry depreciated by 5.4% in the first 8 months of 1993. Assuming that this trend were to continue, how much (in dollars) would a $30,000 investment be worth in 8 years?
[HINT: Eight years corresponds to 12 eight-month periods.] (Round your answer to the nearest cent.)
Transcribed Image Text:Stocks in a certain industry depreciated by 5.4% in the first 8 months of 1993. Assuming that this trend were to continue, how much (in dollars) would a $30,000 investment be worth in 8 years? [HINT: Eight years corresponds to 12 eight-month periods.] (Round your answer to the nearest cent.)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781337282291
Author:
Ron Larson
Publisher:
Cengage Learning
Trigonometry (MindTap Course List)
Trigonometry (MindTap Course List)
Trigonometry
ISBN:
9781337278461
Author:
Ron Larson
Publisher:
Cengage Learning