document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=877147>Question 877147</A>: <I><SPAN STYLE=\"word-break: break-all;\"> assume that you place money in an account that is compounded annually. how long will it take the investment to increase by 60% at an interest rate of 5% </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #529201 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=529201\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> assume that you place money in an account that is compounded annually. how long will it take the investment to increase by 60% at an interest rate of 5%<BR>\n" );
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document.write( "Compound Interest Formula: A=P(1-i)^n, P=initial investment, i=interest per period, n=number of periods, A=amount after n-periods<BR>\n" );
document.write( "For given problem:<BR>\n" );
document.write( "i=5%<BR>\n" );
document.write( "A/P=1.6=(1+i)^n<BR>\n" );
document.write( "1.6=(1+.05)^n<BR>\n" );
document.write( "take log of both sides:<BR>\n" );
document.write( "log(1.6)=nlog(1.05)<BR>\n" );
document.write( "n=log(1.6)/log(1.05)<BR>\n" );
document.write( "n&#8776;9.6 yrs </SPAN>\n" );
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