document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=698316>Question 698316</A>: <I><SPAN STYLE=\"word-break: break-all;\"> a deposit of 1500$ is made in a savings account for which the interest is compounded continously. the balance will double after 17 years, what is the annual percentage rate for this account?  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #430588 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=430588\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> a deposit of 1500$ is made in a savings account for which the interest is compounded continously. the balance will double after 17 years, what is the annual percentage rate for this account?<BR>\n" );
document.write( "**<BR>\n" );
document.write( "Formula for continuous compounding:<BR>\n" );
document.write( "A=Pe^rt, P=initial investment, r=annual rate of interest, A=amt after t years<BR>\n" );
document.write( "For given problem:<BR>\n" );
document.write( "A/P=2<BR>\n" );
document.write( "e^rt=2<BR>\n" );
document.write( "e^17r=2<BR>\n" );
document.write( "take log of both sides<BR>\n" );
document.write( "17rlne=ln2<BR>\n" );
document.write( "lne=1<BR>\n" );
document.write( "17r=ln2<BR>\n" );
document.write( "r=ln2/17<BR>\n" );
document.write( "r&#8776;.0408<BR>\n" );
document.write( "annual percentage rate&#8776;4.08% </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );