document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=725039>Question 725039</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Assume that a savings account earns interest at the rate of 2% compounded monthly . If this account contains $1000 now, how many months will it take for this amount to double if no withdrawals are made? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #443934 by </B><A HREF=/tutors/aboutme.mpl?userid=josgarithmetic><B>josgarithmetic(39616)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=josgarithmetic><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=443934\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> The interest rates are usually given for year-periods.  The 2% interest rate for the year is 2/12 % per month, or 0.1667% per month or 0.001667 as decimal fraction (given to four significant figures, since 1/6 is a repeating decimal).\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "The compounding is monthly, as given in your description.\r<BR>\n" );
document.write( "\n" );
document.write( "Balance is <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=highlight%281000%2A%281.001667%29%5Et%29 ALIGN=MIDDLE  ALT=\"highlight%281000%2A%281.001667%29%5Et%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >, where <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=t ALIGN=MIDDLE  ALT=\"t\"   DISABLED_style= \"max-width:90%; height:auto;\" > is count of months.  \r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "When will the original deposited principle double?  How many months?<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=2000=1000%281.001667%29%5Et ALIGN=MIDDLE  ALT=\"2000=1000%281.001667%29%5Et\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=2=1.001667%5Et ALIGN=MIDDLE  ALT=\"2=1.001667%5Et\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "Next, you can choose either base 10 or Natural for taking logarithms of both side.  I will use base 10:<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=log%2810%2C2%29=log%2810%2C1.001667%5Et%29 ALIGN=MIDDLE  ALT=\"log%2810%2C2%29=log%2810%2C1.001667%5Et%29\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=log%2810%2C2%29=t%2Alog%2810%2C1.001667%29 ALIGN=MIDDLE  ALT=\"log%2810%2C2%29=t%2Alog%2810%2C1.001667%29\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=t=log%2810%2C2%29%2Flog%2810%2C1.001667%29 ALIGN=MIDDLE  ALT=\"t=log%2810%2C2%29%2Flog%2810%2C1.001667%29\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=highlight%28t=416%29 ALIGN=MIDDLE  ALT=\"highlight%28t=416%29\"   DISABLED_style= \"max-width:90%; height:auto;\" > months, almost 35 years. </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );