document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1058584>Question 1058584</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Hello!<BR>\n" );
document.write( "I would like to know the formula (and answer) for the following:<BR>\n" );
document.write( "I trade currency on a daily basis (the market is open for 5 days per 7 day week), so if I began with $200, and I gained 10% on my principal on a DAILY basis, how long would it take me to reach $10,000?\r<BR>\n" );
document.write( "\n" );
document.write( "For example, Monday = $200, Tuesday I would have $220 (200*10%=220), Wednesday I would have $242 (220*10%=242), etc. Is there a simple formula for determining how long it would take me to achieve a $10,000 goal, assuming I can make 10% gains every trading day using the previous days total as my new principal.\r<BR>\n" );
document.write( "\n" );
document.write( "Thank you! </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #673658 by </B><A HREF=/tutors/aboutme.mpl?userid=solve_for_x><B>solve_for_x(190)</B></A><img src=\"/images/stars/stars-09.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=solve_for_x><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=673658\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> The formula that you are looking for is:\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "FV = PV * (1 + 0.10)^n\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "where FV is the future value ($10,000), PV is the present value ($200), and n is the number of<BR>\n" );
document.write( "trading days.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "10,000 = 200(1.10)^n\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "(1.10)^n = 10000/200\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "(1.10)^n = 50\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "Taking the natural logarithm of each side gives you:\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "n * ln(1.10) = ln(50)\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "n = ln(50) / ln(1.10)\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "n = 41.05 trading days\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "Note: If your calculator does not have the natural logarithm <BR>\n" );
document.write( "function (ln), you can use the regular base-10 logarithm<BR>\n" );
document.write( "function (log). As long as you use the same function in both<BR>\n" );
document.write( "places, you'll get the same answer. </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );