document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1082120>Question 1082120</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Question 1. What is the total amount an investment account after 3 1/2 years on a principal of $15000 at a rate of 6.5% compounded quarterly. \r<BR>\n" );
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document.write( "Question 2: If Morris deposited $10000 in an account paying 6.5% compounded continuously and there is now $16820.28 in the account, how long was the money in the account.\r<BR>\n" );
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document.write( "Any assistance will be grateful. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #696207 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=696207\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> P=Po(1+r/n)^14, the 14 being the number of quarters in 3 1/2 years.<BR>\n" );
document.write( "P=15000(1+(.065/4))^14; don't round until the end.<BR>\n" );
document.write( "$18,797.46<BR>\n" );
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document.write( "P=Poe^(rt)<BR>\n" );
document.write( "16820.28=10000*e^(.065t)<BR>\n" );
document.write( "1.682028=e^(0.065t)<BR>\n" );
document.write( "ln both sides, which removes e, then divide by 0.065<BR>\n" );
document.write( "8 years<BR>\n" );
document.write( "check by doing this quarterly, which should be close but less<BR>\n" );
document.write( "10000(1+.065/4)^32<BR>\n" );
document.write( "=$16,750.11, which is appropriate.<BR>\n" );
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