Answered: Suppose that you have 5000$ in your…

Name: Suppose that you have 5000$ in your bank account and each month you wi
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Description: Suppose that you have 5000$ in your bank account and each month you withdraw 14% of the money left in the account. How long will it take for there to be 1000$ left in the bank account?

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Suppose that you have 5000$ in your bank account and each month you withdraw 14% of the money left in the account. How long will it take for there to be 1000$ left in the bank account?

Expert Solution

Step 1

I withdraw 14% of the money every month.

So at the end of every month, there is (1-0.14)=0.86 of the amount, which was there at the starting of the month.

Initial amount = $5000

Let after x months there will be $1000 left in the bank account.

We can express this using an equation.

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