document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=76388>Question 76388</A>: <I><SPAN STYLE=\"word-break: break-all;\"> you deposit $2000 in an account that pays 2% annual interest compounded quarterly.  How long will it take for the balance to reach $2400?\r<BR>\n" );
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document.write( "I have having trouble completing this problem, please help with the steps.\r<BR>\n" );
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document.write( "Tx, H </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #54793 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><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=54793\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> you deposit $2000 in an account that pays 2% annual interest compounded quarterly. How long will it take for the balance to reach $2400? <BR>\n" );
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document.write( "Formula: A = P(1 + r/n)^(nt)<BR>\n" );
document.write( "2400 = 2000(1 + 0.02/4)^(4t)<BR>\n" );
document.write( "1.2 = 1.005^(4t)<BR>\n" );
document.write( "Take the log of both sides to get:<BR>\n" );
document.write( "log(1.2) = 4tlog(1.005)<BR>\n" );
document.write( "4t = log(1.2)/log(1.005)<BR>\n" );
document.write( "4t=36.56<BR>\n" );
document.write( "t=9.14 years.<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
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