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27 January, 20:20

An account earned interest of 3% per year. The beginning balance was $150. The equation t=log1.03 (E/150) represents the situation, where t is the time in years and E is the ending balance. If the account was open for 8 years, what was the ending balance?

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  1. 27 January, 20:48
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    the ending balance is $190.

    Step-by-step explanation:

    Step 1:

    The given information is:

    Interest rate = 3% per year

    Beginning balance = 150 $

    Equation:

    t = log₁.₀₃ (E / 150)

    Step 2:

    Solve for E:

    8 = log₁.₀₃ (E / 150)

    E / 150 = (1.03) ⁸

    E = (1.03) ⁸ (150)

    E = 190 $

    Therefore, the ending balance is $190.
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