document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1093732>Question 1093732</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Mr M wants to start saving early for his son's tertiary studies one day. He wants pay 350 weekly into a savings account that returns 8,5% interest per year compounded weekly.  How many years will it take him to have a 400 000 in the account.  I got 6.75 please confirm my answer because the options l am given don't match what l am given. <BR>\n" );
document.write( "[1] 12.4 years<BR>\n" );
document.write( "[2] 26.1 years <BR>\n" );
document.write( "[3] 21.98  years <BR>\n" );
document.write( "[4] 53.8 years  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #708339 by </B><A HREF=/tutors/aboutme.mpl?userid=greenestamps><B>greenestamps(13200)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=greenestamps><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=greenestamps><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=708339\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <br>One of the given answer choices is correct.  I have no idea how you got your answer.<br><BR>\n" );
document.write( "The value A of an investment like this, with a periodic contribution of P, a periodic interest rate of i, for n periods, is given by the formula<br><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+%28P%28%281%2Bi%29%5En-1%29%29%2Fi ALIGN=MIDDLE  ALT=\"A+=+%28P%28%281%2Bi%29%5En-1%29%29%2Fi\"   DISABLED_style= \"max-width:90%; height:auto;\" ><br><BR>\n" );
document.write( "The value A you want is 400000; the periodic contribution P is 350; the periodic interest rate i, since interest is compounded weekly (52 times a year) is .085/52.<br><BR>\n" );
document.write( "Since the unknown, the number of periods n, is an exponent, solving the problem will involve logarithms.  And remember that the value of n you get will be the number of weeks; you will need to convert that to years to see which answer choice is correct.<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );