document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1040069>Question 1040069</A>: <I><SPAN STYLE=\"word-break: break-all;\"> jimmy invest 18000 in an account that pays 7.27% compounded quarterly. How long(in years and months) will it take for his investment to reach 25000. Round the answer for months up to the nearest multiple of 3 <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 #654854 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=654854\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\">  jimmy invest 18000 in an account that pays 7.27% compounded quarterly. How long(in years and months) will it take for his investment to reach 25000. Round the answer for months up to the nearest multiple of 3 <BR>\n" );
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document.write( "A(t) = P(1+(r/n))^(n*t)<BR>\n" );
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document.write( "25000 = 18000(1+(0.0727/4))^(4*t)<BR>\n" );
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document.write( "(1.0182)^(4t) = 25/18<BR>\n" );
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document.write( "4t = log(25/18)/log(1.0182) = 18.21<BR>\n" );
document.write( "Ans:: time = 18.21/4 = 4.55 years = 4 yrs 6.6 mts OR 4 years 7 months<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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