document.write( "Question 183182: You deposit $800 in an account that pays 9% annual intrest compounded monthly. About how many years will it take for the account balance to reach $2400? Convert this to years and months. \n" ); document.write( "

Algebra.Com's Answer #137590 by Edwin McCravy(20056) $\"\"$ $\"About$

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You deposit $800 in an account that pays 9% annual
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document.write( "where A = Final Amount = $2400\r\n" );
document.write( "      P = Beginning Amount = $800\r\n" );
document.write( "      R = Rate expessed as a decimal = .09\r\n" );
document.write( "      N = Number of compoundings per year = 12\r\n" );
document.write( "      T = Number of years = ?  (What we must find)\r\n" );
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document.write( "We substitute for all but T\r\n" );
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document.write( "12 years\r\n" );
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document.write( "To get the months, multiply the decimal \r\n" );
document.write( "part  by 12\r\n" );
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document.write( " months\r\n" );
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document.write( "or about 12 years, 3 months.\r\n" );
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document.write( "Edwin

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