document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1079422>Question 1079422</A>: <I><SPAN STYLE=\"word-break: break-all;\"> An initial amount of £6000 is your savings account. The bank is giving you interest at the rate of 10% per year (annum). After n years the amount of money stored in your bank account will be £6000*(1.10)^n, where n is the<BR>\n" );
document.write( "number of years. Evaluate after how many years you will<BR>\n" );
document.write( "have £22000 deposited in your bank account? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #693748 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=693748\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 22000=6000(1.1)^n<BR>\n" );
document.write( "11/3=1.1^n, dividing by 6000 both sides and reducing fractions<BR>\n" );
document.write( "ln both sides<BR>\n" );
document.write( "ln (11/3)=n ln (1.1)<BR>\n" );
document.write( "taking the ln (11/3) and dividing by ln (1.1)<BR>\n" );
document.write( "n=13.63 years<BR>\n" );
document.write( "Check.<BR>\n" );
document.write( "6000*(1.1)^13.63=$21,995.49, within rounding error. </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );