document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1085094>Question 1085094</A>: <I><SPAN STYLE=\"word-break: break-all;\"> If Jennifer deposits $11,000 into a long-term Certificates of Deposit account that pays an annual interest rate of 2.7%, compounded continuously. Find the amount in the account after 8 years. Also, find how long it takes for her account to reach $20,000. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #699121 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=699121\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> P=Poe^rt for continuous compounding, where r=0.027 and t=8.  Note, the rule of 72 would say 72/2.7 is the doubling time, which is about 27 years.<BR>\n" );
document.write( "=11000*e^(.027*8)=10000*e^.216=$13652.13 This is as expected not even close to doubling.  <BR>\n" );
document.write( "20000=11000e(.027*t)<BR>\n" );
document.write( "1.818=e^(.027t)<BR>\n" );
document.write( "ln both sides, without rounding, then divide by 0.027<BR>\n" );
document.write( "0.5978=0.027*t<BR>\n" );
document.write( "t=22.14 years   </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );