# Transcribed Image Text: Step 2: Go Sheet3 and read the prompt. Carefully study each step in solving the equation and describe what changed. Five years

Transcribed Image Text: Step 2:
Go
Carefully study each step in solving the equation and describe what changed.
Five years later Lin finds a better account that will pay 7% interest compounded monthly, so Lin moves the money to that
account. They don’t have the data mapped out this time but again wants to know how many years it will take for the
account to double in value. We will them find out by solving the equation by using logarithms.
Copy each answer for each step into questions 5 through 12.
Year
Amount
Interest Rate
Compounding Period
\$128,335.87
7%
12
In these boxes describe in words the step towards solving the equation.
(Usually this means an operation was applied to both sides of the equation or some expression was simplified on one side of the equation.)
This is the formula for compounded interest.
P(1 +)”
= r(1+)*
nt
= P (1+-
n
Here we replaced the result with 2P because we want to know when
nt
the Principal will be doubled, hence 2*P.
2P
12t
0.07
128335.87 ( 1+
2 * 128335.87 =
2 * 128335.87
128335.87(1.00583)12t
||
2 = (1.00583)12t
Q.7
log1.00583 2 =
log1,00583 (1.0058312€)
Q.8
Q.9
log1.00583 2 =
12t
119.23941 = 12t
Q.10
119.23941
= t
12
Q.11
9.93662 =t
Q.12

(550 words)

Approximate price: \$22

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