document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=731211>Question 731211</A>: <I><SPAN STYLE=\"word-break: break-all;\"> I'm trying to work a problem on how long it will take a savings acct bal to reach 1,000,000 if i deposited 2947 at 9% interest compounded quarterly,\r<BR>\n" );
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document.write( "I'm using the equation A=P(1+i)^n\r<BR>\n" );
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document.write( "with no luck,,please help </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #447047 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=447047\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> how long it will take a savings acct bal to reach 1,000,000 if i deposited 2947 at 9% interest compounded quarterly<BR>\n" );
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document.write( "A=P(1+i)^n<BR>\n" );
document.write( "P=initial investment=2947<BR>\n" );
document.write( "i=interest per period(quarter)=.09/4=0.0225<BR>\n" );
document.write( "n=number of periods<BR>\n" );
document.write( "A=amount after n periods=10^6<BR>\n" );
document.write( "..<BR>\n" );
document.write( "10^6=2497(1+.0225)^n<BR>\n" );
document.write( "10^6/2497=(1.0225)^n<BR>\n" );
document.write( "take log of both sides<BR>\n" );
document.write( "log(10^6)-log(2497)=nlog(1.0225)<BR>\n" );
document.write( "log(10^6)=6<BR>\n" );
document.write( "6-log(2497)/(log(1.0225))=n<BR>\n" );
document.write( "n&#8776;269 periods(quarters) or &#8776; 67 yrs </SPAN>\n" );
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