document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=962515>Question 962515</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A person invests 6000 dollars in a bank. The bank pays 6% interest compounded daily. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 11100 dollars? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #588126 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=588126\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> A person invests 6000 dollars in a bank. The bank pays 6% interest compounded daily. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 11100 dollars?<BR>\n" );
document.write( "***<BR>\n" );
document.write( "A=P(1+r/n)^nt, P=initial investment, r=interest rate, n=number of compounding periods per year<BR>\n" );
document.write( "A=amt after t-years<BR>\n" );
document.write( "..<BR>\n" );
document.write( "assume 365 days/yr<BR>\n" );
document.write( "11100=6000(1+.06/365)^365t<BR>\n" );
document.write( "11100/6000=(1+.0001644)^365t<BR>\n" );
document.write( "111/60=(1.0001644)^365t<BR>\n" );
document.write( "take log of both sides<BR>\n" );
document.write( "log(111/60)=365tlog(1.0001544)<BR>\n" );
document.write( "t=log(111/60)/365log(1.0001544)=14.2<BR>\n" );
document.write( "how long must the person leave the money in the bank? about 14 years </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );