document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=547356>Question 547356</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A principal of $5000 is invested at 4% interest rate compounded monthly. Write the formula for the amount in the account after t years, and solve determine how long it will take the investment to grow to 8000. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #356374 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=356374\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> A principal of $5000 is invested at 4% interest rate compounded monthly. Write the formula for the amount in the account after t years, and solve determine how long it will take the investment to grow to 8000.<BR>\n" );
document.write( "------------------<BR>\n" );
document.write( "A(t) = P(1+(r/n))^(nt)<BR>\n" );
document.write( "-----<BR>\n" );
document.write( "A(t) = 5000(1+(0.04/12))^(12t)<BR>\n" );
document.write( "----<BR>\n" );
document.write( "8000 = 5000(1+(0.04/12))^(12t)<BR>\n" );
document.write( "(1.0033)^12t = (8/5)<BR>\n" );
document.write( "----<BR>\n" );
document.write( "Take the log to get:<BR>\n" );
document.write( "12t = log(8/5)/log(1.0033)  <BR>\n" );
document.write( "t = 11.88 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" );