Intermediate Algebra for College Students (7th Edition)

Published by Pearson
ISBN 10: 0-13417-894-7
ISBN 13: 978-0-13417-894-3

Chapter 9 - Section 9.5 - Exponential and Logarithmic Equations - Exercise Set - Page 728: 106

Answer

$r=0.15=15.0\%$

Work Step by Step

$P=5000, n=360, A=9000, t=4$ $A=P(1+\frac{r}{n})^{nt}=5000(1+\frac{r}{360})^{1440}=9000$ $(1+\frac{r}{360})^{1440}=1.8$ $1440\log (1+\frac{r}{360})=\log 1.8$ $1+\frac{r}{360}=1.000408$ $\frac{r}{360}=0.000408$ $r=0.14675$ rounding to one decimal $r=0.15=15.0\%$
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