document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=445645>Question 445645</A>: <I><SPAN STYLE=\"word-break: break-all;\"> how many years will it take for an initial investment of $30,000 to grow to $75,000? Assume a rate of interest of 4% compounded continuosly. Use the formula A=Pe rt </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #306950 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=306950\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> how many years will it take for an initial investment of $30,000 to grow to $75,000? Assume a rate of interest of 4% compounded continuosly. Use the formula A=Pe^(rt)<BR>\n" );
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document.write( "75000 = 30,000*e^(0.04t)<BR>\n" );
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document.write( "e^(0.04t) = 15/6<BR>\n" );
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document.write( "Take the natural log Of both sides:<BR>\n" );
document.write( "0.04t = ln(15/6)<BR>\n" );
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document.write( "t = [ln(15/6)]/0.04<BR>\n" );
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document.write( "t = 22.9 years<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
document.write( " </SPAN>\n" );
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