document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=412133>Question 412133</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Suppose $50,000 was deposited in the bank with an interest rate of 5.5% annually, compounded continuously.<BR>\n" );
document.write( "A) How long will it take to double the original amount?<BR>\n" );
document.write( "B) Find the balance after 30 years.<BR>\n" );
document.write( "C) Determine how many years it will take for the amount to be %1,000,000. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #289548 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><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/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=289548\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Suppose $50,000 was deposited in the bank with an interest rate of 5.5% annually, compounded continuously.<BR>\n" );
document.write( "A(t) = Pe^(rt)<BR>\n" );
document.write( "------<BR>\n" );
document.write( "A) How long will it take to double the original amount?<BR>\n" );
document.write( "2P = P*e^(rt)<BR>\n" );
document.write( "e^(rt) = 2<BR>\n" );
document.write( "e^(0.055t) = 2<BR>\n" );
document.write( "0.055t = ln(2)<BR>\n" );
document.write( "t = [ln(2)]/0.055<BR>\n" );
document.write( "t = 12.6 years<BR>\n" );
document.write( "-------------------------------<BR>\n" );
document.write( "B) Find the balance after 30 years.<BR>\n" );
document.write( "Solve A(30) = 50,000*e^(0.055*30)<BR>\n" );
document.write( "A(30) = $260,348.99<BR>\n" );
document.write( "-----------------------------<BR>\n" );
document.write( "C) Determine how many years it will take for the amount to be %1,000,000.<BR>\n" );
document.write( "--------<BR>\n" );
document.write( "Solve 1,000,000 = 50,000e^(0.055t)<BR>\n" );
document.write( "====================================<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
document.write( "============== </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );