document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=952802>Question 952802</A>: <I><SPAN STYLE=\"word-break: break-all;\"> How many years, correct to the nearest tenth of a year, will it take for a sum of money to double if it's invested at 9.5%, compounded quarterly? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #581847 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=581847\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> How many years, correct to the nearest tenth of a year, will it take for a sum of money to double if it's invested at 9.5%, compounded quarterly?<BR>\n" );
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document.write( "A(t) = P(1+(r/n))^(nt)<BR>\n" );
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document.write( "Comment::<BR>\n" );
document.write( "Notice that (1+(r/n))^(nt) is the multiplier.<BR>\n" );
document.write( "When that multiplier equal \"2\" your money has doubled.\r<BR>\n" );
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document.write( "Solve::<BR>\n" );
document.write( "(1 + (0.095/4))^(4t) = 2<BR>\n" );
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document.write( "(1.02375)^(4t) = 2<BR>\n" );
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document.write( "Since the variable is in the exponent, take the log to get:<BR>\n" );
document.write( "(4t)*log (1.02375) = log(2)<BR>\n" );
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document.write( "4t = log(2)/log(1.02375) = 29.53<BR>\n" );
document.write( "time = 29.53/4 = 7.38 years<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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document.write( " </SPAN>\n" );
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