SOLUTION: Solve this application using logarithms. Refer to the examples above. How much principal, to the nearest dollar, should you invest at 4% in order to have $3,000 for a vacation t

Question 694297: Solve this application using logarithms. Refer to the examples above.
How much principal, to the nearest dollar, should you invest at 4% in order to have $3,000 for a vacation to Europe in 3 years?
Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!
Solve this application using logarithms. Refer to the examples above.
How much principal, to the nearest dollar, should you invest at 4% in order to have $3,000 for a vacation to Europe in 3 years?
.
Assuming simple interest then:
a = pe^(rt)
3000 = pe^(.04*3)
3000 = pe^(.12)
3000/e^(.12) = p
2660.76 = p
nearest dollar:
$2661 = p

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