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.

Accepted Solution

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 Β 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]