document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=526660>Question 526660</A>: <I><SPAN STYLE=\"word-break: break-all;\"> If i deposit money today in an account that pays 6.5% annual interest, how long will it take to double ? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #348606 by </B><A HREF=/tutors/aboutme.mpl?userid=lwsshak3><B>lwsshak3(11628)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=lwsshak3><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=348606\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> If i deposit money today in an account that pays 6.5% annual interest, how long will it take to double.<BR>\n" );
document.write( "**<BR>\n" );
document.write( "Compound interest formula: A=P(1+i)^n, P=initial investment, i=interest rate per period, A=amount after n periods.<BR>\n" );
document.write( "A/P=(1+i)^n<BR>\n" );
document.write( "For given problem:<BR>\n" );
document.write( "n=periods(years)<BR>\n" );
document.write( "A/P=2, i=.065<BR>\n" );
document.write( "(1+.065)^n=2<BR>\n" );
document.write( "1.065^n=2<BR>\n" );
document.write( "take log of both sides<BR>\n" );
document.write( "nlog(1.065)=log(2)<BR>\n" );
document.write( "n=log(2)/log(1.065)<BR>\n" );
document.write( "n&#8776;11 yrs<BR>\n" );
document.write( "ans: It will take 11 years to double the deposit money </SPAN>\n" );
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