document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1000342>Question 1000342</A>: <I><SPAN STYLE=\"word-break: break-all;\"> How long will it take $3000 to grow to $23000 if it is invested at 7% compounded monthly?  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #617807 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><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=617807\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\">  How long will it take $3000 to grow to $23000 if it is invested at 7% compounded monthly? <BR>\n" );
document.write( "A(t) = P(1+(r/n))^(n*t)<BR>\n" );
document.write( "-------<BR>\n" );
document.write( "23000 = 3000(1+(0.07/12))^(12t)<BR>\n" );
document.write( "------<BR>\n" );
document.write( "1.00583^12t = (23/3)<BR>\n" );
document.write( "------<BR>\n" );
document.write( "12t*log(1.00583) = log(23/3)<BR>\n" );
document.write( "-----<BR>\n" );
document.write( "12t = log(23/3)/log(1.00583)<BR>\n" );
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document.write( "12t = 350.40<BR>\n" );
document.write( "-----<BR>\n" );
document.write( "time = 29.19 years<BR>\n" );
document.write( "---------------<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
document.write( "--------------- </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );