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?
.
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