document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1105209>Question 1105209</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Find how long it takes for $900 to double if it is invested at 4% interest compounded monthly </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #719958 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=719958\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Rule of 72 would say 18 years<BR>\n" );
document.write( "1800=900(1+(.04/12))^12t, t is number of years\r<BR>\n" );
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document.write( "2=(1.00333)^12t<BR>\n" );
document.write( "ln2=12t(ln(1.0003333), without rounding, divide ln 2 by 12 ln (1.0033333)<BR>\n" );
document.write( "17.36 years ANSWER<BR>\n" );
document.write( "(1.(04/12))^208, the 208 being approximately 17.36 years is 1.998. </SPAN>\n" );
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