document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=818445>Question 818445</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Find how long it takes for $1500 to double if it is invested at 7% interest compounded monthly. Use the formula A=P(1+r/n)^nt </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #492570 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=492570\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Find how long it takes for $1500 to double if it is invested at 7% interest compounded monthly. Use the formula A=P(1+r/n)^nt<BR>\n" );
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document.write( "3000 = 1500(1+(0.07/12))^(12*t)<BR>\n" );
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document.write( "(1.0058)^12t = 2<BR>\n" );
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document.write( "12t*log(1.0058) = log(2)<BR>\n" );
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document.write( "12t = log(2)/log(1.0058)<BR>\n" );
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document.write( "12t = 119.85<BR>\n" );
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document.write( "time = 10 years when rounded up<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
document.write( "========== </SPAN>\n" );
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