document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=976686>Question 976686</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Suppose you deposit $12,000 in a bank account bearing 9.5% 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. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #598657 by </B><A HREF=/tutors/aboutme.mpl?userid=Cromlix><B>Cromlix(4381)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Cromlix><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=Cromlix><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=598657\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 100% + 9.5% = 109.5% = 1.095<BR>\n" );
document.write( "12000 x 1.095^n > 15000<BR>\n" );
document.write( "1.095^n > 15000/12000<BR>\n" );
document.write( "1.095^n > 1.25<BR>\n" );
document.write( "n log1.095 > log1.25<BR>\n" );
document.write( "n > log1,25/log1.095<BR>\n" );
document.write( "n> 2.5<BR>\n" );
document.write( "So 3 months is the answer.<BR>\n" );
document.write( "Hope this helps:-) </SPAN>\n" );
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