Kim Company bought 20% of the shares of Phelps, Inc., at the start of 2021. Kim paid $18 million for the shares. Twenty percent of the book value of Phelps’s net assets is $12 million, and the difference of $6 million is due to land that Phelps owns that has appreciated in value. During 2021, Phelps reported net income of $3 million and paid a cash dividend of $2.6 million. At what amount does Kim carry the Phelps investment on its balance sheet as of December 31, 2021? (Enter your answers in millions rounded to 2 decimal places (i. e., 5,500,000 should be entered as 5.50).)

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

answer: 72: 111

step-by-step explanation:

i think the answer is 90 hope this