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Drag each symbol and number to the correct location on the inequality. Not all symbols and numbers will be used. Sam initially invested $4,500 into a savings account that offers an interest rate of 3% each year. He wants to determine the number of years, x, for which the account will have less than or equal to $7,020. Determine the solution set to the inequality that represents this situation.

Respuesta :

calculista

Answer:

[tex]t \leq 18.67\ years[/tex]

Step-by-step explanation:

we know that

The simple interest formula is equal to

[tex]A=P(1+rt)[/tex]

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

[tex]t=?\ years\\ P=\$4,500\\ A=\$7,020\\r=0.03[/tex]

The inequality that represented this situation is

[tex]P(1+rt) \leq A[/tex]

substitute the values and solve for t

[tex]4,500(1+0.03t) \leq 7,020[/tex]

[tex](0.03t) \leq (7,020/4,500)-1[/tex]

[tex]t \leq [(7,020/4,500)-1]/0.03[/tex]

[tex]t \leq 18.67\ years[/tex]

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