document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=851813>Question 851813</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Mr Nkomo gives his son R50000 on his eighteenth birthday.the money is invested on fixed deposit at 18% per annum compounded monthly. How old will the son be,when he is able to collect one million rand from his investment. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #517852 by </B><A HREF=/tutors/aboutme.mpl?userid=richwmiller><B>richwmiller(17219)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=richwmiller><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=richwmiller><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=517852\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> A = P ( 1 + r/n )^nt<BR>\n" );
document.write( "P = principal amount (initial investment)<BR>\n" );
document.write( "r = annual interest rate (as a decimal)<BR>\n" );
document.write( "n = number of times the interest is compounded per year<BR>\n" );
document.write( "t = number of years<BR>\n" );
document.write( "A = amount after time t<BR>\n" );
document.write( "1000000 = 50000 ( 1 + .18/12 )^12t<BR>\n" );
document.write( "t = 16.7675<BR>\n" );
document.write( "add that to 18<BR>\n" );
document.write( " 34.7675<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );