document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=725789>Question 725789</A>: <I><SPAN STYLE=\"word-break: break-all;\"> If you deposit 500 dollars into an account earning 7.8 percent interest compounded annually how long will it take for the account to be worth 1000 dollars? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #444331 by </B><A HREF=/tutors/aboutme.mpl?userid=General_Lee87><B>General_Lee87(58)</B></A><img src=\"/images/stars/stars-08.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=General_Lee87><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=General_Lee87><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=444331\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Origional Question:  If you deposit 500 dollars into an account earning 7.8 percent interest compounded annually how long will it take for the account to be worth 1000 dollars?\r<BR>\n" );
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document.write( "First, you multiply the money in the bank by the annuak interest rate to get the amount earned in interest each year.\r<BR>\n" );
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document.write( "500 * .078 = 39\r<BR>\n" );
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document.write( "Then you take 1000 and subtract the origional $500 investment which leaves you with $500 that you need to earn in interest. Next, you divide $500 by $39.\r<BR>\n" );
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document.write( "500 / 39 = roughly 12.82\r<BR>\n" );
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document.write( "Therefore it would take roughly 13 years for the interest and origional investment to equal $1000. I hope this helped. Good luck and God Bless. </SPAN>\n" );
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