5
QuizMath Formula

Exponential Equations in Financial Contexts — Quiz

Question 5 • Financial Math

A customer invests $⁢45,000 in an account that compounds 4 point 9 percent interest monthly. The customer wants to change the investment when the account reaches $⁢50,716.73 Use a graphing calculator and the equation 50,716.73=45,000⁢(1.049)^x , where x is the time in years it will take to reach this amount. Solve for x , and round to the nearest tenth if necessary.

Answer

Math Formula Answer:

2.5

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