document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=588028>Question 588028</A>: <I><SPAN STYLE=\"word-break: break-all;\"> The formula used to solve this problem is A=P(1+r/n)^nt \r<BR>\n" );
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document.write( "The problem is Kevin deposits $1000 at 9% annual interest, compounded quarterly. How long will it take for the account to earn $1000 interest? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #374338 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=374338\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> A=P(1+r/n)^nt <BR>\n" );
document.write( "The problem is Kevin deposits $1000 at 9% annual interest, compounded quarterly. How long will it take for the account to earn $1000 interest?<BR>\n" );
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document.write( "The value of the account will be $2000<BR>\n" );
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document.write( "2000 = 1000(1+(.09/4)^(4t)<BR>\n" );
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document.write( "2 = 1.0225^(4t)<BR>\n" );
document.write( "4t = log2/log1.0225<BR>\n" );
document.write( "4t = 31.15<BR>\n" );
document.write( "t = 7.79 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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