document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=89657>Question 89657</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Determine the time required for the amount in an account to reach $10000, if there's an initial deposit of $4000 earning 8% interest 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 #65159 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=65159\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Determine the time required for the amount in an account to reach $10000, if there's an initial deposit of $4000 earning 8% interest compounded quarterly.<BR>\n" );
document.write( "-------------<BR>\n" );
document.write( "10000 = 4000(1+0.08/4)^(4t)<BR>\n" );
document.write( "2.5 = (1.02)^(4t)<BR>\n" );
document.write( "Take the log of both sides to get:<BR>\n" );
document.write( "(4t)log1.02 = log2.5<BR>\n" );
document.write( "4t = [log2.5]/[log1.02] = 46.27<BR>\n" );
document.write( "t = 11.57 years<BR>\n" );
document.write( "==================<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );