Question 1132031: The population of Myanmar was 55,622,000 in the year 2018 and is expected to continue its population growth rate of 0.89% per year, assuming annual compounding. Define variables and write a function that models the population. Then use a graphical representation of this function to determine what year the population will reach approximately 65 million.
Show step-by-step how this problem can be solved algebraically, without a graph. Logarithms will be involved!
Suppose you have $14,000 that you can place in a savings account. There are two accounts at your bank. Both have an annual interest rate of 5.6%. Account A compounds interest every 6 months. Account B compounds interest continuously, but has a $200 fee for opening an account.
Found 3 solutions by Boreal, josgarithmetic, ikleyn:
Answer by Boreal(15235)   (Show Source):
You can put this solution on YOUR website! P=Po(1.0089)^n
65=55.622(1.0089)^n, in millions.
65/55.622=1.0089^n
1.1686=1.0089^n
ln both sides
ln (1.1686)=n log (1.0089)
n=17.58 years or midway through 2036
doesn't say for how long. I'll pick 10 years
first one is 14000(1+0.056/2)^20, for 20 different compoundings. That is $24321.50
second one is 14000e^(0.056*10)=14000e^(.56)=$24509.42. Subtract 200 and it is $23309.42 A is slightly better, especially since the $200 is taken out first.
Answer by josgarithmetic(39617)  (Show Source):
Answer by ikleyn(52781)  (Show Source):
You can put this solution on YOUR website! .
Dear student !
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