Sam initially invested $4,500 into a savings account that offers an interest rate of 3% each year. he wants to determine the number of years, x, for which the account will have less than or equal to $7,020. determine the solution set to the inequality that represents this situation.

The solution set to the given inequality : 0 < x ≤ 18.67

Step-by-step explanation:

Principal = $4500

Simple Interest Rate = 3%

                                  = 0.03

Time = x year

Amount in the account will be less than or equal to $7020

⇒ Amount ≥ Principal × (1 + Rate × Time)

⇒ 7020 ≥ 4500(1 + 0.03·x)

⇒ 7020 ≥ 4500 + 135·x

⇒ 2520 ≥ 135·x

⇒ 18.67 ≥ x

The solution set to the given inequality : 0 < x ≤ 18.67