Answer
${{\$}} 23,000$
Work Step by Step
$50=\displaystyle \frac{86.2}{1+2.49(1.054)^{-x}}$
$1+2.49(1.054)^{-x}=\displaystyle \frac{86.2}{50}$
$2.49(1.054)^{-x}=1.724-1$
$(1.054)^{-x}=\displaystyle \frac{0.724}{2.49}\qquad $ apply log()
$-x\displaystyle \log 1.054=\log\frac{0.724}{2.49}$
$x=-\displaystyle \frac{\log\frac{0.724}{2.49}}{\log 1.054}\approx 23.487$ thousands of dollars
Round to the nearest thousand: ${{\$}} 23,000$
