document.write( "Question 149771: Please Help with this problem: You have just won 100,000.00 from a lottery. If you invest all this amount in a tax-free money market fund earning 7% compounded weekly, how long do you have to wait to become a millionaire? \n" ); document.write( "
Algebra.Com's Answer #109885 by ankor@dixie-net.com(22740)\"\" \"About 
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100,000.00 from a lottery. If you invest all this amount in a tax-free money market fund earning 7% compounded weekly, how long do you have to wait to become a millionaire?
\n" ); document.write( ":
\n" ); document.write( "P(1+(r/n))^t = A
\n" ); document.write( "Where
\n" ); document.write( "P = 100000
\n" ); document.write( "A = 1000000
\n" ); document.write( "r = .07
\n" ); document.write( "n = 52
\n" ); document.write( "t = time in weeks
\n" ); document.write( ":
\n" ); document.write( "100000(1+(.07/52)) = 1000000
\n" ); document.write( ":
\n" ); document.write( "1.0013461538)^t = 10; divide both sides by 100000
\n" ); document.write( ":
\n" ); document.write( "t * ln(1.001346154) = ln(10); find the natural log of both sides
\n" ); document.write( ":
\n" ); document.write( ".0013452487t = 2.302585
\n" ); document.write( "t = \"2.302585%2F.0013452487\"
\n" ); document.write( "t = 1711.64 ~ 1712 weeks
\n" ); document.write( "or
\n" ); document.write( "1712/52 ~ 33 years
\n" ); document.write( ":
\n" ); document.write( ":
\n" ); document.write( "Check solution on calc: enter 100000(1+(.07/52))^1711.64 = 99999.62 ~ 1000000
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