document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=987257>Question 987257</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You have just won $150,000 from a lottery. If you invest all this amount in a tax-free money market fund earning 6% compounded weekly, how long do you have to wait to become a millionaire? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #608023 by </B><A HREF=/tutors/aboutme.mpl?userid=Boreal><B>Boreal(15235)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Boreal><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=Boreal><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=608023\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> P=Po{1+r/n}^nt<BR>\n" );
document.write( "P/Po=6.67 (a million over 150,000)<BR>\n" );
document.write( "6.67=(1+.06/52)^52t<BR>\n" );
document.write( "without rounding the 6.67, take ln of both sides<BR>\n" );
document.write( "1.8971=52t ln (1.0011); ln 1.011, the not rounded, is 0.00115. Divide both sides by this.<BR>\n" );
document.write( "31.64 years (rounded)<BR>\n" );
document.write( ";<BR>\n" );
document.write( "check is with rule of 72.  The money will double in 72/6=12 years. It will take 24 years to quadruple, and 48 years to increase eightfold.  The answer is in the range of sensibility.<BR>\n" );
document.write( "put another way, (1.06)^31.64 should be near but below 6 2/3, since the interest is compounded weekly and not annually.  1.06^31.64 is 6.31.\r<BR>\n" );
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