Question
Jeremy deposited x dollars in his investment account on January 1, 2001. The amount of money in the account doubled each year until Jeremy had 480 dollars in his investment account on January 1,2005 . What is the value of x ?
Hint:
Hint:
- Here we will first make equation using the given condition and then solve it.
The correct answer is: The value of x is 30.
Explanation:
- We have given the amount of money in the account doubled each year until Jeremy had 480 dollars.
- We have to find the value of x.
Step 1 of 1:
Jeremy deposited dollar and gets double of his deposited for each year until he had 480.
For y number of years the above statement can be written as:
Where y is the number of years between January 1, 2005 and
January 1, 2001
x is his initial deposit
from the equation above, divide both sides by 2y,
x = 30
Hence, The value of x is 30.
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