document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=892625>Question 892625</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You have just received $115,000 from the estate of a long-lost rich uncle. If you invest all your inheritance in a tax-free bond fund earning 6.6% compounded quarterly, how long do you have to wait to become a millionaire? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #540647 by </B><A HREF=/tutors/aboutme.mpl?userid=nerdybill><B>nerdybill(7384)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=nerdybill><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=nerdybill><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=540647\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> You have just received $115,000 from the estate of a long-lost rich uncle. If you invest all your inheritance in a tax-free bond fund earning 6.6% compounded quarterly, how long do you have to wait to become a millionaire?<BR>\n" );
document.write( ".<BR>\n" );
document.write( "\"Compound interest\" formula:<BR>\n" );
document.write( "A = P(1 + r/n)^(nt)<BR>\n" );
document.write( "The problem gives you:<BR>\n" );
document.write( "A is 1000000<BR>\n" );
document.write( "P is 115000<BR>\n" );
document.write( "r is .066<BR>\n" );
document.write( "n is 4<BR>\n" );
document.write( "t is what we're looking for<BR>\n" );
document.write( ".<BR>\n" );
document.write( "1000000 = 115000(1 + .066/4)^(4t)<BR>\n" );
document.write( "1000 = 115(1 + 0.0165)^(4t)<BR>\n" );
document.write( "1000 = 115(1.0165)^(4t)<BR>\n" );
document.write( "1000 = 115(1.0165)^(4t)<BR>\n" );
document.write( "8.6956522 = (1.0165)^(4t)<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=log%281.016%2C8.6956522%29 ALIGN=MIDDLE  ALT=\"log%281.016%2C8.6956522%29\"   DISABLED_style= \"max-width:90%; height:auto;\" > = 4t<BR>\n" );
document.write( "136.254998 = 4t<BR>\n" );
document.write( "34.06 years = t<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );