document.write( "Question 1177632: 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
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\n" ); document.write( "\n" ); document.write( "For this important question, I need to see the calculations & answers please.\r
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\n" ); document.write( "\n" ); document.write( "Homework question from Hans Beauvoir \n" ); document.write( "

Algebra.Com's Answer #806735 by ikleyn(52782) $\"\"$ $\"About$

You can put this solution on YOUR website!
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\n" ); document.write( "How long will it take an investment of $2,000 to reach $3,000 if it is earning 4% interest compounded annually?
\n" ); document.write( "Round to two decimal places.
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\n" ); document.write( "\n" ); document.write( " Tutor @Boreal misread the problem and solved it with wrong input data.\r
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\n" ); document.write( "\n" ); document.write( " So I came to bring the correct solution.\r
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document.write( "P = Po(1+r/n)^nt , where n is number of times compounded per year (1 here) and t the number of years,\r\n" );
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document.write( "    3000=2000(1+.04)^t\r\n" );
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document.write( "    1.5 = 1.04^t\r\n" );
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document.write( "Take ln (natural logarithm) of both sides\r\n" );
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document.write( "    ln(1.5) = t*ln(1.04)\r\n" );
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document.write( "    t =   \r\n" );
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document.write( "    t = 10.34 years\r\n" );
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document.write( "At this point, you should round the years to the nearest greater integer value, which is 11,\r\n" );
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document.write( "in order for the bank would be able to make the last compounding.\r\n" );
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document.write( "ANSWER.  11 years.\r\n" );
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\n" ); document.write( "\n" ); document.write( "Solved.\r
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\n" ); document.write( "\n" ); document.write( "It is strange to me to see this incorrect instruction at the end of your post,\r
\n" ); document.write( "\n" ); document.write( "requesting to round to two decimal places.\r
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\n" ); document.write( "\n" ); document.write( "The correct instruction would be   \"round to the closest greater integer number of years\".\r
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\n" ); document.write( "\n" ); document.write( "To see many other similar solved problems, look into my lessons at this site\r
\n" ); document.write( "\n" ); document.write( "    - Compounded interest percentage problems \r
\n" ); document.write( "\n" ); document.write( "    - Problems on discretely compound accounts \r
\n" ); document.write( "\n" ); document.write( "Learn the subject from there.\r
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\n" ); document.write( "\n" ); document.write( "After reading these lessons, you will tackle such problems on your own without asking for help from outside.\r
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\n" ); document.write( "\n" ); document.write( "Also, you have this free of charge online textbook in ALGEBRA-I in this site\r
\n" ); document.write( "\n" ); document.write( "    - ALGEBRA-I - YOUR ONLINE TEXTBOOK.\r
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\n" ); document.write( "\n" ); document.write( "The referred lessons are the part of this online textbook under the topic \"Logarithms\".\r
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\n" ); document.write( "\n" ); document.write( "Save the link to this online textbook together with its description\r
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\n" ); document.write( "\n" ); document.write( "Free of charge online textbook in ALGEBRA-I
\n" ); document.write( "https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson\r
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\n" ); document.write( "\n" ); document.write( "to your archive and use it when it is needed.\r
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\n" ); document.write( "\n" ); document.write( "Happy learning (!)\r
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\n" ); document.write( "\n" ); document.write( "And the last notice.\r
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\n" ); document.write( "\n" ); document.write( "Instead of saying   \"I need . . . \"   in your post, you better write   \"Please help me . . . \"   or   \"Please explain me . . . \"\r
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\n" ); document.write( "\n" ); document.write( "as civilized and educated persons should do when asking for help.\r
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