document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=949971>Question 949971</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Kindly help me to solve this problem:\r<BR>\n" );
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document.write( "Ken deposits 6,000 into a saving account at t=0. The account pays simple interest at an annual rate 10%. Ken withdraws the entire balance of his savings account at t=12.<BR>\n" );
document.write( "Steve deposits 12,000 into a saving account at a later date, t+x. Steve's account pays compound interest at an annual rate of 10%. Steve withdraws the entire balance of his savings account at t=12.<BR>\n" );
document.write( "If Steve's account balance is twice that of Kevin's account balance at t=12. what is the value of x? (that is how long after t=0 did Steve make his depose?).<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 #580028 by </B><A HREF=/tutors/aboutme.mpl?userid=ankor@dixie-net.com><B>ankor@dixie-net.com(22740)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=ankor@dixie-net.com><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=ankor@dixie-net.com><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=580028\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Ken deposits 6,000 into a saving account at t=0.<BR>\n" );
document.write( " The account pays simple interest at an annual rate 10%.<BR>\n" );
document.write( " Ken withdraws the entire balance of his savings account at t=12.<BR>\n" );
document.write( "Find K's amt at t=12<BR>\n" );
document.write( "k = 6000 + 6000*.1*12<BR>\n" );
document.write( "k = $13,200<BR>\n" );
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document.write( "Steve deposits 12,000 into a saving account at a later date, t+x.<BR>\n" );
document.write( " Steve's account pays compound interest at an annual rate of 10%.<BR>\n" );
document.write( " Steve withdraws the entire balance of his savings account at t=12.<BR>\n" );
document.write( "If Steve's account balance is twice that of Kevin's account balance at t=12.<BR>\n" );
document.write( " what is the value of x? (that is how long after t=0 did Steve make his deposit?)<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=12000%281.10%29%5E%2812-x%29+=+26400 ALIGN=MIDDLE  ALT=\"12000%281.10%29%5E%2812-x%29+=+26400\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=1.10%5E%2812-x%29+=+26400%2F12000 ALIGN=MIDDLE  ALT=\"1.10%5E%2812-x%29+=+26400%2F12000\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%281.10%29%5E%2812-x%29+=+2.2 ALIGN=MIDDLE  ALT=\"%281.10%29%5E%2812-x%29+=+2.2\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "(12-x)log(1.1) = log(2.2)<BR>\n" );
document.write( "12-x = <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=log%282.2%29%2Flog%281.1%29 ALIGN=MIDDLE  ALT=\"log%282.2%29%2Flog%281.1%29\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "12 - x = 8.2725<BR>\n" );
document.write( "-x = 8.2725 - 12<BR>\n" );
document.write( "-x = -3.727<BR>\n" );
document.write( "x = 3.727 yrs after Ken's deposit which was t=0<BR>\n" );
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document.write( "We can check this. Steve's 12000 was in the bank 8.2725 yrs<BR>\n" );
document.write( "12000(1.1^8.2725) = 26400 </SPAN>\n" );
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