document.write( "Question 1182865: Ramesh earns 5% on a $7,500 investment compounded annually. How long will it take for the investment to reach $50,000?\r
\n" ); document.write( "\n" ); document.write( "Compound yearly formula: f(t) = a × (1+b)^t \n" ); document.write( "
Algebra.Com's Answer #812959 by ikleyn(53937)\"\" \"About 
You can put this solution on YOUR website!
.
\n" ); document.write( "Ramesh earns 5% on a $7,500 investment compounded annually. How long will it take for the investment to reach $50,000?
\n" ); document.write( "Compound yearly formula: f(t) = a × (1+b)^t
\n" ); document.write( "~~~~~~~~~~~~~~~~~~~~\r
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "
\r\n" );
document.write( "So, what you need is to solve this inequality for time  \" t \"  in years\r\n" );
document.write( "\r\n" );
document.write( "    \"7500%2A%281%2B0.05%29%5Et\" >= 50000.\r\n" );
document.write( "\r\n" );
document.write( "\r\n" );
document.write( "It is equivalent to the inequality\r\n" );
document.write( "\r\n" );
document.write( "    \"1.05%5Et\" >= \"50000%2F7500\"\r\n" );
document.write( "\r\n" );
document.write( "or\r\n" );
document.write( "\r\n" );
document.write( "    \"1.05%5Et\" >= 6.66667\r\n" );
document.write( "\r\n" );
document.write( "\r\n" );
document.write( "To solve it, take logarithm base 10 of both sides. You will get\r\n" );
document.write( "\r\n" );
document.write( "    t*log(1.05) >= log(6.66667),\r\n" );
document.write( "\r\n" );
document.write( "or\r\n" );
document.write( "\r\n" );
document.write( "    t >= \"log%28%286.66667%29%29%2Flog%28%281.05%29%29\" = use your calculator = 38.88 years.\r\n" );
document.write( "\r\n" );
document.write( "\r\n" );
document.write( "You must round it to the closest greater integer number in order for the bank was in position to make the last compounding.\r\n" );
document.write( "\r\n" );
document.write( "So your final  ANSWER  is  39 years.\r\n" );
document.write( "
\r
\n" ); document.write( "\n" ); document.write( "Solved.\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "-------------------\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "To see many similar solved problems with all detailed explanations  (your  TEMPLATES),  look into these two lessons\r
\n" ); document.write( "\n" ); document.write( "    - Compound interest percentage problems \r
\n" ); document.write( "\n" ); document.write( "    - Problems on discretely compound accounts \r
\n" ); document.write( "\n" ); document.write( "in this site,  and learn the subject from there.\r
\n" ); document.write( "
\n" ); document.write( "
\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
\n" ); document.write( "
\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
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "The referred lessons are the part of this online textbook under the topic \"Logarithms\".\r
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "Save the link to this online textbook together with its description\r
\n" ); document.write( "
\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
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "to your archive and use it when it is needed.\r
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "Happy learning (!)\r
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( " \n" ); document.write( "
\n" );