document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=955724>Question 955724</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Hi,\r<BR>\n" );
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document.write( "How many years will it take for $500 to grow to $1,099.43 if its invested at 7 percent compounded annually? please help thank you. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #583859 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=583859\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> How many years will it take for $500 to grow to $1,099.43 if its invested at 7 percent compounded annually?<BR>\n" );
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document.write( "Compound Interest formula: A=P(1+r/n)^nt, P=initial investment, r=interest rate,n=number of compounding periods per year, A=amt after t-years<BR>\n" );
document.write( "For given problem:<BR>\n" );
document.write( "P=500<BR>\n" );
document.write( "r=.07<BR>\n" );
document.write( "n=1<BR>\n" );
document.write( "A=1099.43<BR>\n" );
document.write( "..<BR>\n" );
document.write( "1099.43=500(1+.07)^t<BR>\n" );
document.write( "1.07^t=1099.43/500<BR>\n" );
document.write( "tlog(1.07)=log(1099.43/500)<BR>\n" );
document.write( "t=log(1099.43/500)/log(1.07)<BR>\n" );
document.write( "t&#8776;11.6<BR>\n" );
document.write( "How many years will it take for $500 to grow to $1,099.43? about 12 yrs<BR>\n" );
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