Question

what is the interest rate on Patricks account?

Answer 1

@mathessentials

Answer 2

year 0: $550, year 4: $631.4

the interest is compounded yearly?

Answer 3

i dont know

Answer 4

it doesnt say

Answer 5

Just says use graph to answer

Answer 6

4.9%

3.7%

14.8%

12.9%

Answer 7

your supposed to graph to answer ??

Answer 8

these are the options

Answer 9

no

Answer 10

suppose to use the graph to get the answer

Answer 11

you can use the graph to get information at some points:
year 0: $550, year 4: $631.4

then use formula and solve for interest rate "r":
\[A = P (1+r)^{rt}\]A = $631.4
P = $550
r =
t = 4 years
\[631.4 = 550 (1+r)^{r4}\]

Answer 12

so now what

Answer 13

now just plug r and see what works

transform % into r like that:
14.8%
r = 14.8/100 = 0.148

Answer 14

so the answer is 14.8?

Answer 15

I did not try any value

Answer 16

idk

Answer 17

\[631.4 = 550 (1+r)^{r4}\]
do you know how to solve this if you use r=0.148 ?

Answer 18

no

Answer 19

its basically
\[550 (1.148)^{0.592}\]

Answer 20

you need to enter into calculator:
1.148 ^ 0.592 x550

Answer 21

doesnt give right answer

Answer 22

then try other %

Answer 23

4.9%

3.7%

12.9%

Answer 24

what i am suppose to get?

Answer 25

631.4, read off from the chart for balance after 4 years

Answer 26

idk im just gonna guess

Answer 27

thanks

Answer 28

will you just give me the answer

Answer 29

I can also try some values now, because I don't know how to resolve
the formula since the base of the exponent is so strange (1.012)
it's not a normal logarithm

so I'll just try them as well:

Answer 30

its financial applications

Answer 31

algebra

Answer 32

x 4.9%
3.7%
12.9%

4.9% = 0.049
1.148 ^ 4*0.049 x550
not enough

Answer 33

you would have to find the logarithm to basis 1.148

Answer 34

I believe it's possible to enter such log to calculator but I have never tried...

Answer 35

i dont have high end calc

Answer 36

ok so lets just continue trying then

4.9%
3.7%
x 12.9%

12,9% -> r=0.129
1.148 ^ 0.516 x550
1.148 ^ 0.516 x550
$590,59

not enough

Answer 37

4.9%
3.7%
x 14.8%
12.9%

14.8% -> r=0.148
1.148 ^ 0.592 x550

$596,82

Answer 38

sorry nothing adds up :(

Answer 39

maybe they compound quarterly or something

Answer 40

no clue

Answer 41

I messed up the formula

it should be just ^t, not ^tn
like this\[631.4 = 550 (1+r)^{4}\]

Answer 42

4.9%
3.7%
14.8%
x 12.9%

if interest=12.9%
then r=0.129

(1+r)^4 = 1.129^4 = 1.6247
$893

Answer 43

x 4.9%
3.7%
14.8%
12.9%

if interest=4.9%
then r=0.049

(1+r)^4 = 1.049^4 = 1.21
$665

Answer 44

4.9%
x 3.7%
14.8%
12.9%

if interest=3.7% then
r=0.037
(1+r)^4 = 1.037^4 = 1.156

550 x 1.156 = $636

Answer 45

I believe he had 3.7% interest on his savings plan

Answer 46

you are right

Answer 47

yay :)

Answer 48

thank you for your time

Answer 49

you're welcome