document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=86910>Question 86910</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Approximately how long will it take $100 to grow to $500 at 8% annual interest and compounded 12 times per year? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #62875 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=62875\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Approximately how long will it take $100 to grow to $500 at 8% annual interest and compounded 12 times per year?<BR>\n" );
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document.write( "A(t) = P(1+r/n)^(nt)<BR>\n" );
document.write( "500 = 100(1+0.08/12)^(12t)<BR>\n" );
document.write( "5 = 1.0066666666^12t<BR>\n" );
document.write( "Take the log of both sides to get:<BR>\n" );
document.write( "12t(log1.006666666...)= log5<BR>\n" );
document.write( "12t = [log5]/[log1.006666666...]<BR>\n" );
document.write( "12t = 242.22<BR>\n" );
document.write( "t = 20.18 years<BR>\n" );
document.write( "===============<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );