document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1075071>Question 1075071</A>: <I><SPAN STYLE=\"word-break: break-all;\"> If interest is earned at the rate of 5%, compounded annually, how long will it take an<BR>\n" );
document.write( "investment of $10,000 to grow to $15,000 </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #689761 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=689761\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 15,000 = 10,000(1+0.05)^t <BR>\n" );
document.write( "divide both sides by 10,000:<BR>\n" );
document.write( "1.5 = 1.05^t<BR>\n" );
document.write( "rewrite, 1.5 = 3/2<BR>\n" );
document.write( "log(1.05)^t = log(3/2)<BR>\n" );
document.write( "t*log(1.05) = log(3/2)<BR>\n" );
document.write( "t = (log(3/2))/(log 1.05)<BR>\n" );
document.write( "t = log_1.05(3/2) = ~8.3 years\r<BR>\n" );
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