Help: Logarithms......................
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Help: Logarithms......................

[From: ] [author: ] [Date: 13-04-02] [Hit: ]
n = 19.Year will be 1990+19.17 = 2009.It will be during 2009.......
What should i do for this question? I need help.

In 1990, John deposited $5000 in a mutual trust fund which promiss an interest of 7.5% compound yearly. The amount of $y at the end of n years is y = 5000 (1.075)^n

Find:

a) the amount of money John will have in 1998
b) the year in which the amount of money first reached $20 000.

-
a) y = 5000(1.075)^8 = $8917.39

b) 20,000 = 5000(1.075)^n
4 = (1.075)^n
log 4 = nlog 1.075
n = 19.17 years
Year will be 1990+19.17 = 2009.17
It will be during 2009.
1
keywords: Help,Logarithms,Help: Logarithms......................
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