document.write( "Question 1090056: Suppose you have $2,000 to invest. You want it to return $18,000. You put it in an investment that return 7% compounded monthly. How long will it take to return $18,000? \n" ); document.write( "

Algebra.Com's Answer #704488 by jorel1380(3719) $\"\"$ $\"About$

You can put this solution on YOUR website!
To return 18000 from 2000, at 7% interest, compounded monthly, would need:
\n" ); document.write( "18000=2000 x (1+ .07/12)^t, where t is the time in years. So:
\n" ); document.write( "18000=2000 x (1+ 0.07/12)^t
\n" ); document.write( "ln 9=ln (1.0058333333333333333333333333333)^t
\n" ); document.write( "ln 9=ln (1.0058333333333333333333333333333)^t=t ln (1.0058333333333333333333333333333)
\n" ); document.write( "t=377.76 years
\n" ); document.write( "☺☺☺☺ \n" ); document.write( "

\n" );