An online store that has been successfully growing on its initial angel investment and revenue wants to invest $5 million to expand the business. the bank is willing to lend the business this money at a 10 percent interest rate over an eight-year term. calculate the monthly payment and explain what the business must be able to do with this money in order for this to be a smart business decision.

step-by-step explanation: 4 cause 2+2=4

the solution of the equation is 2.23 ⇒ answer b

step-by-step explanation:

* lets revise the meaning of exponential function

- the form of the exponential function is y = ab^x, where a ≠ 0, b > 0 ,  

  b ≠ 1, and x is any real number

- it has a constant base b

- it has a variable exponent x

- to solve an exponential equation, take the log or ln of both sides,  

  and solve for the variable

* lets solve the problem

∵

- the base is 7 and the exponent is x

- insert ㏑ in both sides

∴

- use the rule

∴ x ㏑(7) = ㏑(77)

- to find x divide both sides by ㏑(7)

∴

* the solution of the equation is 2.23 to the nearest 2 decimal places