Mathematics, 25.03.2020 16:51 DerekMoncoal
The function f(t)= 3,500(1.003)^t gives the value of a saving account t months after it was opened. How long will it take for the account balance to refresh $3,700? Round to the nearest whole number.
Answers: 2
![\[3,500(1.003)^{t}\]](/tpl/images/0563/0428/1fd6b.png)
![\[3,500(1.003)^{t} = 3700\]](/tpl/images/0563/0428/d3ba1.png)
![\[=(1.003)^{t} = \frac{3700}{3500}\]](/tpl/images/0563/0428/e07f9.png)
![\[=(1.003)^{t} = 1.057\]](/tpl/images/0563/0428/0a374.png)
![\[=t * log(1.003) = log(1.057)\]](/tpl/images/0563/0428/62ed6.png)
![\[=t = \frac{log(1.057)}{log(1.003)}\]](/tpl/images/0563/0428/fd475.png)
![\[=t = 18.51\]](/tpl/images/0563/0428/76421.png)
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