Finite Math and Applied Calculus (6th Edition)

Published by Brooks Cole
ISBN 10: 1133607705
ISBN 13: 978-1-13360-770-0

Chapter 9 - Section 9.2 - Exponential Functions and Models - Exercises - Page 645: 85

Answer

in the year 2024

Work Step by Step

The model we arrived at was $A=5000(1.00025)^{12t}$ (amount $t$ years after November 2010). We now want to find $t$ for which $\left[\begin{array}{ll} 5200 & =5000(1.00025)^{12t}\\ 5200/5000 & =(1.00025)^{12t}\\ \log(52/50) & =12t\cdot\log 1.00025\\ t & =\dfrac{\log(52/50)}{12\log 1.00025} \end{array}\right]$ $t\approx 13.075$ So, this will happen during the fourteenth year after 2010, in the year 2024.
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