document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=987343>Question 987343</A>: <I><SPAN STYLE=\"word-break: break-all;\"> chris lynch plans to invest $200 into a money market account. Find the interest rate that is needed for the money to grow $1,400 in 18 years if the interest is 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 #608101 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=608101\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> P=Po{1+r/n)^nt<BR>\n" );
document.write( "1400=200{1+r/4)^72<BR>\n" );
document.write( "7={1+r/4)^72<BR>\n" );
document.write( "ln of both sides<BR>\n" );
document.write( "1.9459=72 ln {1+r/4}<BR>\n" );
document.write( "0.02703=ln (1+r/4)<BR>\n" );
document.write( "raise to e power<BR>\n" );
document.write( "1.0274=1+r/4<BR>\n" );
document.write( ".0274=r/4<BR>\n" );
document.write( "r=10.96%.<BR>\n" );
document.write( "Check with 11% and see if Po increases 7 fold<BR>\n" );
document.write( "{1+11/4)}^72<BR>\n" );
document.write( "1.0275^72=7.0516  This is a little more than 7, but I used 11% and not 10.96% </SPAN>\n" );
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