document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1069102>Question 1069102</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 1.A sum of money placed at compound interest doubles itself in 5years. in how many years it will amount to eight times itself at the same rate of interest<BR>\n" );
document.write( "2.find effective annual rate of interest corresponding to a nominal rate of 6%per annum payable halfyearly<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 #684328 by </B><A HREF=/tutors/aboutme.mpl?userid=Boreal><B>Boreal(15235)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Boreal><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=Boreal><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=684328\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> A=Aoe^rt is continuous compounding.  The problem doesn't say.<BR>\n" );
document.write( "A=2Ao<BR>\n" );
document.write( "A/Ao=2<BR>\n" );
document.write( "2=e^rt, and t is known to be 5<BR>\n" );
document.write( "2=e^5r<BR>\n" );
document.write( "ln both sides<BR>\n" );
document.write( "ln 2=5r<BR>\n" );
document.write( "r=ln2/5=13.86%<BR>\n" );
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document.write( "at 8 times  we then have <BR>\n" );
document.write( "8=e^(13.86t)<BR>\n" );
document.write( "ln of both sides<BR>\n" );
document.write( "ln 8=.1386 t<BR>\n" );
document.write( "t=ln 8/.1386=15.00 years<BR>\n" );
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document.write( "(1+.06/2)^2=1.0609<BR>\n" );
document.write( "subtract 1<BR>\n" );
document.write( "0.0609 or 6.09%<BR>\n" );
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