document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=243862>Question 243862</A>: <I><SPAN STYLE=\"word-break: break-all;\"> using A=P(1+r/n)^nt how long must $4700 be in a bank at 5% compounded annually to become $6944.04? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #178589 by </B><A HREF=/tutors/aboutme.mpl?userid=nerdybill><B>nerdybill(7384)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=nerdybill><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=nerdybill><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=178589\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\">     using A=P(1+r/n)^nt how long must $4700 be in a bank at 5% compounded annually to become $6944.04?<BR>\n" );
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document.write( "If compounded annually, n would be 1 so now we have<BR>\n" );
document.write( "A=P(1+r)^t<BR>\n" );
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document.write( "A = 6944.04<BR>\n" );
document.write( "P = 4700<BR>\n" );
document.write( "r = .05<BR>\n" );
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document.write( "A=P(1+r)^t<BR>\n" );
document.write( "6944.04 = 4700(1+.05)^t<BR>\n" );
document.write( "6944.04 = 4700(1.05)^t<BR>\n" );
document.write( "6944.04 = 4700(1.05)^t<BR>\n" );
document.write( "1.4775 = (1.05)^t<BR>\n" );
document.write( "Taking log base 1.05 of each side AND applying the \"change of base\":<BR>\n" );
document.write( "log(1.4775)/log(1.05) = t<BR>\n" );
document.write( "8 years = t\r<BR>\n" );
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