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# 8.8: Problem-Solving Strategies

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We have to deal with problem solving in everyday life. Therefore, it is important to know the steps you must take when problem solving.

Example: Suppose $4000 is invested at a 6% interest rate compounded annually. How much money will there be in the bank at the end of five years? At the end of 20 years? Solution: Read the problem and summarize the information.$4000 is invested at a 6% interest rate compounded annually. We want to know how much money we have after five years.

• Assign variables. Let $x=$ time in years and $y=$ amount of money in investment account.
• We start with $4000 and each year we apply a 6% interest rate on the amount in the bank. • The pattern is that each year we multiply the previous amount by the factor of $100\%+6\%=106\%=1.06$. • Complete a table of values. Time (years) 0 1 2 3 4 5 Investment Amount ($) 4000 4240 4494.40 4764.06 5049.91 5352.90

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## Date Created:

Feb 22, 2012

Sep 28, 2014
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