document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=812712>Question 812712</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 100$ is put into an account that earns 3.5% interest compunded annually. How much would be in the account after 10 years? Also how long would it take for the account to have $200? For the first part I got 145$ and the second part I had no idea!thank you so much! </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #489261 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><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=489261\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 100$ is put into an account that earns 3.5% interest compunded annually. How much would be in the account after 10 years? <BR>\n" );
document.write( "A(10) = 100(1+(0.035/1))^(1*10) = 100(1.035)^10 = $141.06<BR>\n" );
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document.write( "Also how long would it take for the account to have $200? <BR>\n" );
document.write( "Solve for \"t\":<BR>\n" );
document.write( "200 = 100(1.035)^t<BR>\n" );
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document.write( "2 = 1.035^t<BR>\n" );
document.write( "t = log(2)/log(1.035)<BR>\n" );
document.write( "t = 20.15 years<BR>\n" );
document.write( "--------------------<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
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