document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1030872>Question 1030872</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Suppose you inherit $20,000. You find an investement accunt that pays 5.5% interet compunded continuously. How long will you need to keep it in the account until you have $30,000? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #645658 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=645658\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Let's start with the formula for compound interest<BR>\n" );
document.write( "A = Pe^rt<BR>\n" );
document.write( "where A is the final amount, P is the principal or initial amount, e is the mathematical constant also known as Euler's number since Euler discovered it, r is the rate and t is the time.<BR>\n" );
document.write( "30,000 = 20,000*(e^0.055t)<BR>\n" );
document.write( "30,000/20,000 = e^0.055t<BR>\n" );
document.write( "1.5 = e^0.055t<BR>\n" );
document.write( "log(1.5) = log(e^0.055t)<BR>\n" );
document.write( "0.1760 = 0.055t*log(e)<BR>\n" );
document.write( "Divide both sides by 0.055<BR>\n" );
document.write( "3.20 = t*log(e)<BR>\n" );
document.write( "3.2/log(e) = t use your calculator, get log(e) then divide 3.2/the log to get:<BR>\n" );
document.write( "7.37 = t </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );