document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1177632>Question 1177632</A>: <I><SPAN STYLE=\"word-break: break-all;\"> How long will it take an investment of $2,000 to reach $3,000 if it is earning 4% interest compounded annually? Round to two decimal places.\r<BR>\n" );
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document.write( "For this important question, I need to see the calculations & answers please.\r<BR>\n" );
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document.write( "Homework question from Hans Beauvoir </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #806729 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=806729\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> P=Po(1+r/n)^nt , where n is number of times compounded per year (1 here) and t the number of years,<BR>\n" );
document.write( "Misread problem and had 4000 on my mind.<BR>\n" );
document.write( "3000=2000(1+.04)^t<BR>\n" );
document.write( "1.5=1.04^t<BR>\n" );
document.write( "ln both sides<BR>\n" );
document.write( "ln1.5=t ln 1.04<BR>\n" );
document.write( "divide ln1.5/ln/1.04;t=10.34years<BR>\n" );
document.write( "rule of 70 increase by 50% time is about 41/interest rate, and that would predict 10.25 years here. </SPAN>\n" );
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