document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=138279>Question 138279</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Suppose $500 is invested at 6% annual inerest compounded twice a year.  When will the investment be worth $1000? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #100991 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=100991\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Suppose $500 is invested at 6% annual inerest compounded twice a year. When will the investment be worth $1000?<BR>\n" );
document.write( "----------------<BR>\n" );
document.write( "A(t) = P(1+(r/n))^(nt)<BR>\n" );
document.write( "--------------------------<BR>\n" );
document.write( "1000 = 500(1+(0.06/2))^(2t)<BR>\n" );
document.write( "2 = (1.03)^2t<BR>\n" );
document.write( "2t*log(1.03) = log2<BR>\n" );
document.write( "2t = log2/log1.03<BR>\n" );
document.write( "2t = 23.4498<BR>\n" );
document.write( "t = 11.7249 years<BR>\n" );
document.write( "======================<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );