document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1096088>Question 1096088</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Bob has $8300.00 he invests at a rate of 6.2% interest per year compounded quarterly.<BR>\n" );
document.write( "a) How much does Bob have after 3 and 1/2 years ?<BR>\n" );
document.write( "b) How long will it take for Bob's investment to reach $15,000.00 ? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #753238 by </B><A HREF=/tutors/aboutme.mpl?userid=VFBundy><B>VFBundy(438)</B></A><img src=\"/images/stars/stars-10.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=VFBundy><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=VFBundy><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=753238\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> This is the formula for compound interest:<BR>\n" );
document.write( "<pr><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=N=P%281%2Br%2Fn%29%5Ent ALIGN=MIDDLE  ALT=\"N=P%281%2Br%2Fn%29%5Ent\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
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document.write( "N is the new amount.<BR>\n" );
document.write( "P is the principal amount.<BR>\n" );
document.write( "r is the annual interest rate.<BR>\n" );
document.write( "n is how often the interest is compounded per year.<BR>\n" );
document.write( "t is the number of years.<BR>\n" );
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document.write( "a) How much does Bob have after 3 and 1/2 years ?<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=N=8300%281%2B0.062%2F4%29%5E%284%2A3.5%29 ALIGN=MIDDLE  ALT=\"N=8300%281%2B0.062%2F4%29%5E%284%2A3.5%29\"   DISABLED_style= \"max-width:90%; height:auto;\" > = $10,294.31<BR>\n" );
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document.write( "--------------------------------------------<BR>\n" );
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document.write( "b) How long will it take for Bob's investment to reach $15,000.00 ?<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=15000=8300%281%2B0.062%2F4%29%5E%284t%29 ALIGN=MIDDLE  ALT=\"15000=8300%281%2B0.062%2F4%29%5E%284t%29\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "Divide each side of the equation by 8300:<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=1.8072=%281%2B0.062%2F4%29%5E%284t%29 ALIGN=MIDDLE  ALT=\"1.8072=%281%2B0.062%2F4%29%5E%284t%29\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "Simplify the stuff inside the parenthesis:<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=1.8072=%281.0155%29%5E%284t%29 ALIGN=MIDDLE  ALT=\"1.8072=%281.0155%29%5E%284t%29\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
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document.write( "Convert this to log form:<BR>\n" );
document.write( "log 1.8072 base 1.0155 = 4t<BR>\n" );
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document.write( "Compute log 1.8072 base 1.0155:<BR>\n" );
document.write( "38.4744 = 4t<BR>\n" );
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document.write( "Solve for t:<BR>\n" );
document.write( "t = 9.6186<BR>\n" );
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document.write( "It will take 9.6186 years for Bob's investment to reach $15,000.<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );