Question

An account earned interest of 5% per year. The beginning balance was $250. The equation t=log1.05E250 represents the situation, where t is the time in years and E is the ending balance.

Answer 1

Answer:

3 years

Step-by-step explanation:

The number of years that required for opening an account is shown below:

Given that

Opening balance = $250

ending balance = $289.41

t = $log_{1.05} \frac{E}{250}$

Interest rate = 5%

Based on the above information, the number of years required is

$t = log_{1.05} \frac{289.41}{250}$

= 3 years

Hence, the number of years required to open an account is 3 years and the same is to be considered  by using the above formula