Steve S. answered • 01/21/14

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Tutoring in Precalculus, Trig, and Differential Calculus

a.) A = P (1 + r)^t

A = 45000 (1 + 0.02)^20

A ≈ use you calculator.

b.) A = 45000 (1 + 0.04)^20

$100,000 will maintain (or exceed) their initial standard of living if:

100000 ≥ 45000 (1 + 0.04)^20

100000 ≥ 98600.54

So their standard of living will be slightly better.

Parviz F.

01/21/14