document.write( "Question 1153743: Teka is saving up money for a down payment on a motorcycle. She currently has $5377, but knows she can get a loan at a lower interest rate if she can put down $6208. If she invests the $5377 in an account that earns 4% annually, compounded continuously, how long will it take Teka to accumulate the $6208? \n" ); document.write( "

Algebra.Com's Answer #776024 by ikleyn(52803) $\"\"$ $\"About$

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document.write( "6208 = ,  t is the time in years.\r\n" );
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document.write( " = \r\n" );
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document.write( "1.154547 = \r\n" );
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document.write( "Take the natural logarithm of both sides\r\n" );
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document.write( "ln(1.154547) = 0.04*t\r\n" );
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document.write( "t =  = 3.59 of an year, approximately.\r\n" );
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document.write( "So, the answer is:  3.6 years is enough = 3 years and 219 days = 3 years, 7 months and 9 days \r\n" );
document.write( "                    (counting 365 days in an year and 30 days in a month).\r\n" );
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