document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=997569>Question 997569</A>: <I><SPAN STYLE=\"word-break: break-all;\"> An investment of $10,000 with Barnes Bank earns a 2.42% APR compounded monthly. \r<BR>\n" );
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document.write( "Determine how long it will take the investment to double\r<BR>\n" );
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document.write( "Thank you in advance. <BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #615599 by </B><A HREF=/tutors/aboutme.mpl?userid=addingup><B>addingup(3677)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=addingup><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=addingup><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=615599\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> A= P(1+r/m)^mt, where<BR>\n" );
document.write( "A is the future money, in your case 2 x 10,000= 20,000<BR>\n" );
document.write( "P is the Principal, the amount we've invested = 10,000<BR>\n" );
document.write( "r is the rate, the interest rate = 2.42%<BR>\n" );
document.write( "n is the number of compounding periods in one year = 12<BR>\n" );
document.write( "t is the number of years, this is what we'll find out.<BR>\n" );
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document.write( "You double your money when A/P= 2, regardless of the amount of money. It's the interest rate and the time that dictate it. So here we go (NOTE: My calculator and I are not infallible. Do the math wherever you see calculations):<BR>\n" );
document.write( "(1+r/m)^mt = 2<BR>\n" );
document.write( "(1+.0242/12)^12t = 2<BR>\n" );
document.write( "(1.00202)^12t = 2<BR>\n" );
document.write( "Take the log of both sides<BR>\n" );
document.write( "ln(1.00202)^12t = ln(2)<BR>\n" );
document.write( "12t[ln(1.00202) = ln(2)<BR>\n" );
document.write( "t= ln(2)/12*ln(1.00202)<BR>\n" );
document.write( "t= 28.6 years<BR>\n" );
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