document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=943770>Question 943770</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 	Suppose you deposit $12,000 in a bank account bearing 7.3% interest compounded monthly. \r<BR>\n" );
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document.write( "How many months would it take (to the nearest month) for your account balance to top $15,000? Use the trial and error method with a calculator to find your answer.\r<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #575418 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=575418\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Suppose you deposit $12,000 in a bank account bearing 7.3% interest compounded monthly.<BR>\n" );
document.write( " How many months would it take (to the nearest month) for your account balance to top $15,000? Use the trial and error method with a calculator to find your answer.<BR>\n" );
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document.write( "A(t) = P(1+(r/n))^(nt)<BR>\n" );
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document.write( "15000 = 12000(1+(0.073/12))^(12t)<BR>\n" );
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document.write( "5/4 = 1.00608^(12t)<BR>\n" );
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document.write( "12t*log(1.00608) = log1.25<BR>\n" );
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document.write( "Ans:: 12t = 36.81 months<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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