document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1179805>Question 1179805</A>: <I><SPAN STYLE=\"word-break: break-all;\"> I have $25,000 and I want to have $36,000. If the bank is paying 4.18% compounded monthly, how<BR>\n" );
document.write( "long will it take to reach my goal? (Rounded to the nearest day) </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #809424 by </B><A HREF=/tutors/aboutme.mpl?userid=ikleyn><B>ikleyn(52781)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=ikleyn><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=ikleyn><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=809424\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> .\r<BR>\n" );
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document.write( "From solving logarithmic equation, @Theo got\r<BR>\n" );
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document.write( "    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n = &nbsp;104.8644495  &nbsp;months\r<BR>\n" );
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document.write( "and he states that it is the time to get &nbsp;$36000.\r<BR>\n" );
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document.write( "&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This answer is &nbsp;&nbsp;INCORRECT.\r<BR>\n" );
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document.write( "The obtained decimal number of months &nbsp;MUST &nbsp;BE &nbsp;ROUNDED &nbsp;to the nearest greater month &nbsp;n = 105 <BR>\n" );
document.write( "in order for the bank was in position to make the last compounding.\r<BR>\n" );
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document.write( "So, &nbsp;the correct answer is &nbsp;THIS:\r<BR>\n" );
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document.write( "&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The goal will be reached in &nbsp;105 &nbsp;months.\r<BR>\n" );
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document.write( "I noticed and repeated it tens times at this forum that in such problems for discretely compounded accounts,\r<BR>\n" );
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document.write( "the time, &nbsp;found formally, &nbsp;must be rounded to the end of the closest compounding periods,\r<BR>\n" );
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document.write( "but it looks like no one tutor here did not get it.\r<BR>\n" );
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document.write( "It is really unclear to me, &nbsp;how these people can teach others, &nbsp;without understanding so simple facts.\r<BR>\n" );
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document.write( "It is also an important notice to the &nbsp;COMPOSER &nbsp;of this problem:\r<BR>\n" );
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document.write( "<PRE STYLE=\"white-space: pre-wrap; white-space: -moz-pre-wrap; white-space: -pre-wrap; white-space: -o-pre-wrap; word-wrap: break-word;\">\r\n" );
document.write( "     It is INCORRECT requirement in the problem's formulation\r\n" );
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document.write( "     to request rounding to the nearest day.\r\n" );
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document.write( "     The rounding MUST GO to the nearest greater MONTH, \r\n" );
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document.write( "     or to the nearest completed compounding period.\r\n" );
document.write( "</PRE>\r<BR>\n" );
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document.write( "///////////\r<BR>\n" );
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document.write( "On discretely compounded accounts, &nbsp;see my lesson \r<BR>\n" );
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document.write( "&nbsp;&nbsp;&nbsp;&nbsp;- <A  rel=nofollow HREF=https://www.algebra.com/algebra/homework/logarithm/Problems-on-discretely-compound-accounts.lesson>Problems on discretely compound accounts</A> \r<BR>\n" );
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document.write( "in this site, &nbsp;and learn the subject from there.\r<BR>\n" );
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document.write( "You will find there a variety of similar and different problems, &nbsp;solved with all detailed explanations.\r<BR>\n" );
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document.write( "After reading this lesson, &nbsp;you will tackle such problems on your own without asking for help from outside.\r<BR>\n" );
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document.write( "Also, &nbsp;you have this free of charge online textbook in ALGEBRA-I in this site\r<BR>\n" );
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document.write( "&nbsp;&nbsp;&nbsp;&nbsp;- <A  rel=nofollow HREF=https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson>ALGEBRA-I - YOUR ONLINE TEXTBOOK</A>.\r<BR>\n" );
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document.write( "The referred lesson is the part of this online textbook under the topic \"<U>Logarithms</U>\".\r<BR>\n" );
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document.write( "Save the link to this online textbook together with its description\r<BR>\n" );
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document.write( "Free of charge online textbook in ALGEBRA-I<BR>\n" );
document.write( "https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson\r<BR>\n" );
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document.write( "to your archive and use it when it is needed.\r<BR>\n" );
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document.write( "Happy learning &nbsp;(!)\r<BR>\n" );
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document.write( " </SPAN>\n" );
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