document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=607408>Question 607408</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Where do i start to set this up? <BR>\n" );
document.write( "Suppose that 79,000 is invested at 5 and 1/2% interest, compounded quarterly . <BR>\n" );
document.write( "(a) find the function for the amount to which the investment grows after t  years.<BR>\n" );
document.write( "(b) find the amount of money in the account at t=0,3,7,10 years.<BR>\n" );
document.write( "(c)when will the amount of money reach $300,000? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #382672 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=382672\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Suppose that 79,000 is invested at 5 and 1/2% interest, compounded quarterly . <BR>\n" );
document.write( "(a) find the function for the amount to which the investment grows after t years.<BR>\n" );
document.write( "---<BR>\n" );
document.write( "A(t) = P(1+(r/n))^(nt)<BR>\n" );
document.write( "A(t) = 79000(1+(0.055/4))^(4t)<BR>\n" );
document.write( "-------------------------------------<BR>\n" );
document.write( "(b) find the amount of money in the account at t=0,3,7,10 years.<BR>\n" );
document.write( "Substitute each of those numbers for \"t\" to find A(t)<BR>\n" );
document.write( "--------------------------------------<BR>\n" );
document.write( "(c)when will the amount of money reach $300,000?<BR>\n" );
document.write( "Solve: 300,000 = 79000(1+(0.055/4))^(4t)<BR>\n" );
document.write( "3.7975 = (1.01375)^(4t)<BR>\n" );
document.write( "---<BR>\n" );
document.write( "Take the log of both sides to get:<BR>\n" );
document.write( "4t*log(1.01375) = log(3.7975)<BR>\n" );
document.write( "4t = 97.71<BR>\n" );
document.write( "time = 24.4 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" );