Concept explainers
(a)
To find: The balance after 5 years.
(a)
Answer to Problem 18PT
The balance after 5 years is $8695
Explanation of Solution
Given:
Savings is $7500 at 3% compound interest.
Calculation:
Calculate the balance after 5 years.
Thus, the balance after 5 years is $8695
(b)
To find: The time at which savings gets double.
(b)
Answer to Problem 18PT
The time at which savings gets double is 24 years.
Explanation of Solution
Given:
Savings is $7500 at 3% compound interest.
Calculation:
Calculate the time.
Solve further as,
Thus, the time at which savings gets double is 24 years.
(c)
To find: The years in which $10,000 is there in account.
(c)
Answer to Problem 18PT
There is $10,000 in account in about 10 years.
Explanation of Solution
Given:
Savings is $7500 at 3% compound interest.
Calculation:
Calculate the time.
Solve further as,
Thus, there is $10,000 in account in about 10 years.
Chapter 7 Solutions
Glencoe Algebra 2 Student Edition C2014
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