document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1108233>Question 1108233</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Determine when, to the nearest year, $1,000 invested at 5% per year, compounded daily, will be worth $10,000 </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #723258 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><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/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=723258\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\">  Determine when, to the nearest year, $1,000 invested at 5% per year, compounded daily, will be worth $10,000 <BR>\n" );
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document.write( "A(t) = P(1+(r/n))^(n*t)<BR>\n" );
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document.write( "10,000 = 1000(1+0.05/365))^(365t)<BR>\n" );
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document.write( "10 = 1.000136986^(365t)<BR>\n" );
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document.write( "365t = log(10)/log(1.000136986) = 1/0.000059488 = 16810.11<BR>\n" );
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document.write( "t (to the nearest year) = 46 years\r<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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