Answer:
The value of the investment will be worth $2466 in the year 2017
Step-by-step explanation:
In this question, we are tasked with finding the specific year in which an amount invested in a money market account reaches a particular value
To get this year, what we need to do is to get the value of t from the exponential equation given in the question. To get t, we simply make the value of A set to the particular value in the question.
Hence, we use [tex]A = 1700e^{0.062t} \\[/tex]
Now, we plug the value of A = 2466 and take the natural logarithm of both sides i.e [tex]Log_{e}[/tex] or simply ln
From;
[tex]2466 = 1700e^{0.062t}[/tex]
ln 2466 = ln[tex]1700e^{0.062t}[/tex]
ln 2466 = 0.062t ln1700
7.81 = 0.062t × 7.44
t = 7.81/(0.062 × 7.44)
t = 16.93 approximately 17 years
This means that the value of the investment will have that worth in the year 2000+17 = year 2017
