Log Application 1 - Compound Interest
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Lesson Description:
Compound Interest using logarithms.
More free YouTube videos by Julie Harland are organized at http://yourmathgal.com
Questions answered by this video:
- What are some applications of logarithms?
- How do you compute compound interest?
- How do you do compound interest problems?
- What is the formula for compound interest?
- How many years does it take $1,300 invested at 9% interest compound monthly to increase to $2,000?
- How do you solve 2,000 = 1,300(1 + .09/12)^12t for t?
- How do you solve for the exponent in an equation?
- How can you check your solution to a compound interest word problem?
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Staff Review
This lesson shows how to use logarithms to solve a real-world application problem. In this case, a compound interest problem is written, entered into the compound interest formula, and the exponent is solved for using logarithms. This is a great explanation of this concept, which can be confusing. All steps and parts of the problem are explained.
