document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=890670>Question 890670</A>: <I><SPAN STYLE=\"word-break: break-all;\"> deposited $1,000 in an account paying 6% interest compounded annually, how long would it take to double? </SPAN>\n" );
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document.write( "***<BR>\n" );
document.write( "Compound interest formula: A=P(1+i)^n, P=initial investment, i=interest rate per compounding period, n=number of periods, A=amt after n-periods<BR>\n" );
document.write( "For given problem:<BR>\n" );
document.write( "compounding period=one year<BR>\n" );
document.write( "A/P=2<BR>\n" );
document.write( "i=6%=.06<BR>\n" );
document.write( "..<BR>\n" );
document.write( "A/P=(1+.06)^n<BR>\n" );
document.write( "2=1.06^n<BR>\n" );
document.write( "nlog1.06=log2<BR>\n" );
document.write( "n=log2/log1.06<BR>\n" );
document.write( "n=11.9<BR>\n" );
document.write( "how long would it take to double? 11.9 years </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );