document.write( "Question 29185: If a bank returns $25,000 with compounded interest, how long was the money left in the bank? rate of 8%. How do I use logarithms to find the answer? I have tried to use my textbook for help but I still do not understand. Thank you. \n" ); document.write( "
Algebra.Com's Answer #15992 by atif.muhammad(135) ![]() You can put this solution on YOUR website! This question cannot be solved without knowing how much money there was originally in the bank.\r \n" ); document.write( "\n" ); document.write( " \n" ); document.write( "\n" ); document.write( "where x = amount of money at the start, y=number of years the money was there.\r \n" ); document.write( "\n" ); document.write( "x= 20000 (according to your reply!)\r \n" ); document.write( "\n" ); document.write( "20000 * \n" ); document.write( "\n" ); document.write( " \n" ); document.write( "\n" ); document.write( " \n" ); document.write( "\n" ); document.write( "This calls for us to use the 3rd Logarithmic Law. \n" ); document.write( "If you need to know which one I'm talking about, then consult this website: \n" ); document.write( "http://www.themathpage.com/aPreCalc/logarithms.htm#laws\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( " \n" ); document.write( "\n" ); document.write( " \n" ); document.write( "\n" ); document.write( "y = \n" ); document.write( "\n" ); document.write( "y = 2.899435195 years \r \n" ); document.write( "\n" ); document.write( "We will round off the number of years to the nearest whole number. However, your textbook may not so use my answer below with caution.\r \n" ); document.write( "\n" ); document.write( "y = 3yrs. The money was there for 3 years. \n" ); document.write( " |