More Americans are using mobile banking. At the end of 2007, nearly 1.7 million people were using it. Experts predict that the number will climb to 8 million by the end of 2008 and 35 million by the end of 2010. Let n be the number of years that have passed since the end of 2006. Let p be the number of people using mobile banking. The following equation approximates a relationship between n and p: n = 0.99ln (p) - 13.4 Based only on the equation, how many people can we expect to use mobile banking at the end of 2011? Round to the nearest million.

Question

Mathematics

Brenton Singh

16 August, 03:43

More Americans are using mobile banking. At the end of 2007, nearly 1.7 million people were using it. Experts predict that the number will climb to 8 million by the end of 2008 and 35 million by the end of 2010. Let n be the number of years that have passed since the end of 2006. Let p be the number of people using mobile banking. The following equation approximates a relationship between n and p: n = 0.99ln (p) - 13.4 Based only on the equation, how many people can we expect to use mobile banking at the end of 2011? Round to the nearest million.

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Answers (1)

Know the Answer?

Colten Fletcher · Answer 1

N = 0.99ln (p) - 13.4

5 (number of years from 2006 to 2011)

5 = 0.99ln (p) - 13.4

18.4 = 0.99ln (p)

18.5858 = ln (p)

Can be rewritten as:

e^18.5858 = e^ (ln (p))

117,953,378 = p

To test:

5 = 0.99ln (117953378) - 13.4

5 = 0.99 (18.5858) - 13.4

5 = 18.4 - 13.4

5 = 5