document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=856387>Question 856387</A>: <I><SPAN STYLE=\"word-break: break-all;\"> $300 is deposited into an account that pays 8.2% annual interest that is compounded continuously. How long will it take for the balance to reach $14,000? Round to 3 decimal places. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #515889 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=515889\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\">  $300 is deposited into an account that pays 8.2% annual interest that is compounded continuously. How long will it take for the balance to reach $14,000? Round to 3 decimal places.<BR>\n" );
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document.write( "A(t) = P*e^(rt)<BR>\n" );
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document.write( "14000 = 300*e^(0.082t)<BR>\n" );
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document.write( "e^(0.082t) = 140/3<BR>\n" );
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document.write( "Take the ln of both sides to get:<BR>\n" );
document.write( "0.082t = ln[140/3] = 3.843<BR>\n" );
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document.write( "t = 3.843/0.082 = 46.866 years<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
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