document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1093725>Question 1093725</A>: <I><SPAN STYLE=\"word-break: break-all;\"> How long will it take to have R30 000 for a trip to Europe if I invest R20 000 now at 15% per year,compounded quarterly? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #708366 by </B><A HREF=/tutors/aboutme.mpl?userid=Alan3354><B>Alan3354(69443)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Alan3354><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=Alan3354><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=708366\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> How long will it take to have R30 000 for a trip to Europe if I invest R20 000 now at 15% per year,compounded quarterly?<BR>\n" );
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document.write( "15%/yr = 3.75%/quarter ---> 0.0375<BR>\n" );
document.write( "--------<BR>\n" );
document.write( "30000 = 20000*(1 = 0.0375)^t  (t in quarters)<BR>\n" );
document.write( "3 = 2*1.0375^t<BR>\n" );
document.write( "1.0375^t = 3/2<BR>\n" );
document.write( "t*log(1.0375) = log(1.5)<BR>\n" );
document.write( "t = log(1.5)/log(1.0375)<BR>\n" );
document.write( "t =~ 11 quarters<BR>\n" );
document.write( " </SPAN>\n" );
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