document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=428540>Question 428540</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You make a deposit of 2000 € into your account. The interest rate is 5% and the interest is added into the account first after one year and then annually. How long will it take your savings to grow to 10000 €? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #297834 by </B><A HREF=/tutors/aboutme.mpl?userid=Gogonati><B>Gogonati(855)</B></A><img src=\"/images/stars/stars-11.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Gogonati><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=Gogonati><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=297834\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Solution:Since the interest is added annually we know that, <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A%28t%29=P%281%2Br%29%5Et ALIGN=MIDDLE  ALT=\"A%28t%29=P%281%2Br%29%5Et\"   DISABLED_style= \"max-width:90%; height:auto;\" >,\r<BR>\n" );
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document.write( "where A(t) is the amount of investment after t years, P is the initial investment and r is the interest rate. Substitute the given values and we have:\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=10000=2000%281%2B0.05%29%5Et ALIGN=MIDDLE  ALT=\"10000=2000%281%2B0.05%29%5Et\"   DISABLED_style= \"max-width:90%; height:auto;\" >, Divide both sides by 2000,\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=5=1.05%5Et ALIGN=MIDDLE  ALT=\"5=1.05%5Et\"   DISABLED_style= \"max-width:90%; height:auto;\" >, Take ln of both sides,\r<BR>\n" );
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document.write( " ln(5)=tln(1.05), Divide both sides by ln(1.05),\r<BR>\n" );
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document.write( "  t=ln(5)/ln(1.05)\r<BR>\n" );
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document.write( "  t=33\r<BR>\n" );
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document.write( "Answer: Approximately after 33 years our investment will be 10,000 Eu. </SPAN>\n" );
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