In January, Joanna deposited $250into her savings account. InFebruary, she deposited anadditional $100. If her account hasan APR of 6% compounded monthly, how much interest did Joanna earnin the first two months?

Given:

In January Joanna deposited $250 into her savings account.

In February, she deposited an additional $100.

Her account has an APR of 6% compounded monthly.

Required:

We have to find how much interest did Joanna earn in the first two months.

Explanation:

For the month of January:

Here, P=$250, r=6%, amd n= 1 month=1/12 year.

Then,

Then the interest is

For the month of February:

P=251.24+100=351.25

Then we have

Then the interest is

Therefore, the total interest is

Final

Hence the final answer is

the solution of the equation is 2.23 ⇒ answer b

step-by-step explanation:

* lets revise the meaning of exponential function

- the form of the exponential function is y = ab^x, where a ≠ 0, b > 0 ,  

  b ≠ 1, and x is any real number

- it has a constant base b

- it has a variable exponent x

- to solve an exponential equation, take the log or ln of both sides,  

  and solve for the variable

* lets solve the problem

∵

- the base is 7 and the exponent is x

- insert ㏑ in both sides

∴

- use the rule

∴ x ㏑(7) = ㏑(77)

- to find x divide both sides by ㏑(7)

∴

* the solution of the equation is 2.23 to the nearest 2 decimal places

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