SOLUTION: Bill currently pays a $605 premium for health insurance. If the premium increases at an annual rate of 12.03% per year, how many years will it take for the premium to be $5876.35?
Algebra.Com
Question 1160407: Bill currently pays a $605 premium for health insurance. If the premium increases at an annual rate of 12.03% per year, how many years will it take for the premium to be $5876.35?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
605(1.1203)^t=5876.35
1.1203^t=9.713 don't round
log of both sides
t log 1.1203=0.98735
t=20.013 years
RELATED QUESTIONS
Carmen Toreii pays $212.35 per month for his group medical insurance. His employer pays... (answered by ewatrrr)
Keiko pays a semiannual health insurance premium of $1600, and an annual car insurance... (answered by Sync)
A woman pays a premium of $260 per year for a $20,000 life insurance policy. The... (answered by ewatrrr)
1. A woman pays a premium of $260 per year for a $20,000 life insurance policy. The... (answered by stanbon)
Anna’s employer pays 80% of her health insurance premium and deducts the remainder from... (answered by stanbon)
Mr. Jones has two health insurance policies. For the first policy he pays $120 a year... (answered by Theo)
An insurance company charges a basic premium of $ 20 and an additional 30 cents for every (answered by rwm)
the annual insurance premium for a policy holder was $837. The policy holder must pay a... (answered by Theo)
a car insurance company charges insurance premium in proportion to the car's value. for a (answered by ikleyn)