document.write( "Question 523969: Odessa deposited $1,347.80 into a savings account with an interest rate of 3.3% compounded monthly. About how long will it take for the account to be worth $5,000? \n" ); document.write( "
Algebra.Com's Answer #347503 by lwsshak3(11628)\"\" \"About 
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Odessa deposited $1,347.80 into a savings account with an interest rate of 3.3% compounded monthly. About how long will it take for the account to be worth $5,000?
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\n" ); document.write( "compound interest formula: A=P(1+i)^n, P=initial investment, i=interest rate per period, n=number of periods, A=amount after n-periods.
\n" ); document.write( "..
\n" ); document.write( "For given problem:
\n" ); document.write( "initial investment=$1347.80
\n" ); document.write( "interest rate per period=.033/12=.00275
\n" ); document.write( "amount after n-periods=$5000
\n" ); document.write( "n=? periods(months)
\n" ); document.write( "..
\n" ); document.write( "5000=1347.80(1+.00275)^n
\n" ); document.write( "5000/1347.80=(1.00275)^n
\n" ); document.write( "Take log of both sides
\n" ); document.write( "log(5000/1347.80)=nlog(1.00275)
\n" ); document.write( "n=log(5000/1347.80)/log(1.00275)
\n" ); document.write( "using calculator
\n" ); document.write( "n≈477 months or 39.78 yrs
\n" ); document.write( "..
\n" ); document.write( "ans:
\n" ); document.write( "It will take approximately 40 years for the account to be worth $5,000 \n" ); document.write( "
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