document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=613952>Question 613952</A>: <I><SPAN STYLE=\"word-break: break-all;\"> how long does it take to double an investment of $1000 in an account that pays 8% annual interest rate if interest is compounded quarterly? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #386330 by </B><A HREF=/tutors/aboutme.mpl?userid=unlockmath><B>unlockmath(1688)</B></A><img src=\"/images/stars/stars-12.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=unlockmath><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/cgi-bin/show-face.mpl?user=unlockmath><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=386330\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Hello, <BR>\n" );
document.write( "The formula to use is:<BR>\n" );
document.write( "Amount = deposit(1+rate/(n)umber of times in a year)^n(t)ime<BR>\n" );
document.write( "Plug in the numbers:<BR>\n" );
document.write( "2000=1000(1+.08/4)^4t<BR>\n" );
document.write( "Divide each side by 1000 to get: (Note:(1+.08/4)=1.02<BR>\n" );
document.write( "2=1.02^4t<BR>\n" );
document.write( "Use log<BR>\n" );
document.write( "Log2=4tlog1.02<BR>\n" );
document.write( "Divide both sides by 4log 1.02:<BR>\n" );
document.write( "log2/4log 1.02=t<BR>\n" );
document.write( "Grab your scientific calculator:<BR>\n" );
document.write( "t=8.75 years (Approximately)<BR>\n" );
document.write( "Make sense?<BR>\n" );
document.write( "RJ<BR>\n" );
document.write( "www.math-unlock.com </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );