SOLUTION: Please help w/pre-test for final. Find f^-1 (x), if it exists, for f(x) = 6x+5 Find the total amount of money in an account if $8000 was deposited 6 years ago at 2% interest co

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Question 114082: Please help w/pre-test for final.
Find f^-1 (x), if it exists, for f(x) = 6x+5
Find the total amount of money in an account if $8000 was deposited 6 years ago at 2% interest compounded semi-annually.
Answer by stanbon(57407) About Me  (Show Source):
You can put this solution on YOUR website!
Find f^-1 (x), if it exists, for f(x) = 6x+5
You have y = 6x+5
Interchange x and y to get:
x = 6y + 5
Solve for y:
y = (1/6)x -(5/6)
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Find the total amount of money in an account if $8000 was deposited 6 years ago at 12% interest compounded semi-annually.
A(6) = 8000(1+0.12/2)^(2*6)
A(6) = 8000(1.06)^12
A(6) = 8000*2.012196
A(6) = $16,097.57
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Cheers,
Stan H.