document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=383499>Question 383499</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Solid Premiere Bank offers a 5-year CD that earns 4.72% compounded continuously.<BR>\n" );
document.write( "(a) If $1,000 is invested in this CD, how much will it be worth in 5 years?<BR>\n" );
document.write( "(b) How long will it take the account to be worth $5,000? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #271529 by </B><A HREF=/tutors/aboutme.mpl?userid=mananth><B>mananth(16946)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=mananth><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=mananth><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=271529\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Solid Premiere Bank offers a 5-year CD that earns 4.72% compounded continuously.<BR>\n" );
document.write( "(a) If $1,000 is invested in this CD, how much will it be worth in 5 years?<BR>\n" );
document.write( "(b) How long will it take the account to be worth $5,000?<BR>\n" );
document.write( "...<BR>\n" );
document.write( "A = P(1+r/n)^nt<BR>\n" );
document.write( "A=1000*(1+0.0472/365)^(365*5)<BR>\n" );
document.write( "A= 1266.15<BR>\n" );
document.write( "...<BR>\n" );
document.write( "n = log(A/P)/(q log[1+(i/q)]).\r<BR>\n" );
document.write( "\n" );
document.write( "n=log(5000/1000)/(365*log(1+(0.0472/365)))<BR>\n" );
document.write( "n= 34.1 years<BR>\n" );
document.write( "...<BR>\n" );
document.write( "m.ananth@hotmail.ca </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );