document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=201179>Question 201179</A>: <I><SPAN STYLE=\"word-break: break-all;\"> To save for college tuition, the parents of a preschooler invest $5000 in a bond that earns 6% annual interest compounded monthly. In approximately how many years will the investment be worth $15,000?\r<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #151394 by </B><A HREF=/tutors/aboutme.mpl?userid=Alan3354><B>Alan3354(69443)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Alan3354><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/cgi-bin/show-face.mpl?user=Alan3354><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=151394\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> To save for college tuition, the parents of a preschooler invest $5000 in a bond that earns 6% annual interest compounded monthly. In approximately how many years will the investment be worth $15,000? <BR>\n" );
document.write( "15000 = 5000*(1 + 0.06/12)^n<BR>\n" );
document.write( "1.005^n = 3<BR>\n" );
document.write( "n*log(1.005) = log(3)<BR>\n" );
document.write( "n = log(3)/log(1.005) = ~ 220.3 months<BR>\n" );
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document.write( "The amount does not matter.  Any amount will be 3x in that many months at 6%. </SPAN>\n" );
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