Matt deposited $400 into an account that compounds interest daily at a rate of 1.095%. At the end of a certain period of time, he had a balance in the account of $417.91.
a. Write an expression for the account term t but do not evaluate it.
b. Using the expression you determined in part a and the change-of-base formula with common logarithms, find the value of the account term t.
c. Using the expression you determined in part a and the change-of-base formula with natural logarithms, find the value of the account term t.
d. What do you notice about the values of t found in parts b and c? Explain your observations. The results are the same because the change-of-base formula works regardless of the base chosen.