document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=895016>Question 895016</A>: <I><SPAN STYLE=\"word-break: break-all;\"> How long for $1000 to grow to $1700 at 9% (both quarter and continuously)? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #542514 by </B><A HREF=/tutors/aboutme.mpl?userid=reviewermath><B>reviewermath(1029)</B></A><img src=\"/images/stars/stars-12.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=reviewermath><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=reviewermath><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=542514\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Q:<BR>\n" );
document.write( "How long for $1000 to grow to $1700 at 9% (both quarter and continuously)?<BR>\n" );
document.write( "A:<BR>\n" );
document.write( "Solution if compounded quarterly:<BR>\n" );
document.write( "1000(1 + .09/4)^(4t) = 1700<BR>\n" );
document.write( "Divide both sides by 1000<BR>\n" );
document.write( "(1 + .09/4)^(4t) = 1.7<BR>\n" );
document.write( "Get the natural logarithm of both sides<BR>\n" );
document.write( "4t*ln(1.0225) = ln(1.7)<BR>\n" );
document.write( "t = ln(1.7)/(4*ln(1.0225)) = 5.96 years if compounded quarterly\r<BR>\n" );
document.write( "\n" );
document.write( "Solution if compounded continuously:<BR>\n" );
document.write( "1000*e^(0.09t) = 1700<BR>\n" );
document.write( "Divide both sides by 1000<BR>\n" );
document.write( "e^(0.09t) = 1.7<BR>\n" );
document.write( "Get the natural logarithm of both sides<BR>\n" );
document.write( "0.09t = ln(1.7)<BR>\n" );
document.write( "t = (ln(1.7))/0.09 = 5.9 years if compounded continuously<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );