document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=429743>Question 429743</A>: <I><SPAN STYLE=\"word-break: break-all;\">  If 5000 dollars is invested in a bank account at an interest rate of 4 per cent per year, compounded continuously. How many years will it take for your balance to reach 30000 dollars? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #298457 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=298457\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> If 5000 dollars is invested in a bank account at an interest rate of 4 per cent per year, compounded continuously. How many years will it take for your balance to reach 30000 dollars?<BR>\n" );
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document.write( "A(t) = Pe^(rt)<BR>\n" );
document.write( "30000 = 5000*e^(0.04t)<BR>\n" );
document.write( "6 = 3^(0.04t)<BR>\n" );
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document.write( "Use natural logs to find \"t\":<BR>\n" );
document.write( "0.04t*ln(3) = ln(6)<BR>\n" );
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document.write( "0.04t = ln(6)/ln(3)<BR>\n" );
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document.write( "0.04t = 1.0631<BR>\n" );
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document.write( "t = 40.8 years<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" );