document.write( "Question 1076332: How long will it take for an investment of $46,000 to grow to $48,600 if the investment earns interest at the rate of 10%/year compounded annually? (Round your answer to one decimal place.) \n" ); document.write( "

Algebra.Com's Answer #691055 by jorel1380(3719) $\"\"$ $\"About$

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The future value of an investment is P*(1+r/n)^nt, where P is the principal, r is the interest rate, n is the amount of compounding periods per year, and t is the number of years. So:
\n" ); document.write( "48600=46000*(1.10)^t
\n" ); document.write( "1.0565217391304347826086956521739=(1.10)^t
\n" ); document.write( "ln 1.0565217391304347826086956521739=ln (1.1)^t
\n" ); document.write( "ln 1.0565217391304347826086956521739=t ln(1.1)
\n" ); document.write( "1.0565217391304347826086956521739/ln 1.1=t
\n" ); document.write( "t=0.57687578105752534878401869924285, or .5769 years. ☺☺☺☺ \n" ); document.write( "

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