document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=930789>Question 930789</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A loan of $37,000 is made at 5.5% interest, compounded annually. After how many years will the amount due reach $62,000 or more? (Use the calculator provided if necessary.)Write the smallest possible whole number answer </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #565284 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=565284\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> A loan of $37,000 is made at 5.5% interest, compounded annually. After how many years will the amount due reach $62,000 or more? (Use the calculator provided if necessary.)Write the smallest possible whole number answer<BR>\n" );
document.write( "***<BR>\n" );
document.write( "Compound Interest Formula:<BR>\n" );
document.write( "A=P(1+r/n)^nt, P=initial investment, r=annual interest rate,n=number of compounding periods per year, A=amount after t years<BR>\n" );
document.write( "For given problem:<BR>\n" );
document.write( "P=37000<BR>\n" );
document.write( "r=5.5%=.055<BR>\n" );
document.write( "n=1<BR>\n" );
document.write( "A=62000<BR>\n" );
document.write( "..<BR>\n" );
document.write( "62000=37000(1+.055)^t<BR>\n" );
document.write( "62/37=1.055^t<BR>\n" );
document.write( "tlog(1.055)=log(62/37)<BR>\n" );
document.write( "Using log keys on calculator:<BR>\n" );
document.write( "t=log(62/37)/log(1.055)&#8776;10 yrs </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );