document.write( "Question 1151563: If you deposit money today in an account that pays 4% annual interest, how long will it take to double your money? \n" ); document.write( "
Algebra.Com's Answer #773357 by MathLover1(20850)\"\" \"About 
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\n" ); document.write( "\n" ); document.write( "If you deposit money today in an account that pays \"4\"% annual interest, how long will it take to double your money?\r
\n" ); document.write( "\n" ); document.write( "Compound interest formula: \r
\n" ); document.write( "\n" ); document.write( "\"A=P%281%2Bi%29%5En\", where \"+P\"=initial investment, \"i\"=interest rate per period, \"A\"=amount after \"n\" periods\r
\n" ); document.write( "\n" ); document.write( "\"A%2FP=%281%2Bi%29%5En\"\r
\n" ); document.write( "\n" ); document.write( "For given problem:
\n" ); document.write( "\"n\"=periods(years)\r
\n" ); document.write( "\n" ); document.write( "\"A=2P\", \"i=.04\"\r
\n" ); document.write( "\n" ); document.write( "\"2P=P%281%2B.04%29%5En\"
\n" ); document.write( "\"2=%281.04%29%5En\"\r
\n" ); document.write( "\n" ); document.write( "\"1.04%5En=2\"\r
\n" ); document.write( "\n" ); document.write( "take log of both sides\r
\n" ); document.write( "\n" ); document.write( "\"log%281.04%5En%29=log%282%29\"\r
\n" ); document.write( "\n" ); document.write( "\"n%2Alog%281.04%29=log%282%29\"\r
\n" ); document.write( "\n" ); document.write( "\"n=log%282%29%2Flog%281.04%29\"\r
\n" ); document.write( "\n" ); document.write( "\"n+\"\"17.7+\"years\r
\n" ); document.write( "\n" ); document.write( "ans: It will take \"17\" years and \"8\" months to double the deposit money\r
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