document.write( "Question 1187381: if $500 is deposited in an account paying 8.7% annual interest, compounded continuously, how long will it take the account to increase to $800? (round the answer to one decimal place) \n" ); document.write( "
Algebra.Com's Answer #818446 by greenestamps(13200)\"\" \"About 
You can put this solution on YOUR website!


\n" ); document.write( "For tutor @MathTherapy....

\n" ); document.write( "Remember that the purpose of this forum is to help students learn how to solve problems.

\n" ); document.write( "Your response to this question -- simply stating that the other tutor's answer is wrong and showing the correct answer with no work -- is of no use to the student.

\n" ); document.write( "Yes, in many cases a response from a tutor is absurd; but in this case the first tutor simply used the right method with the wrong number.

\n" ); document.write( "A useful response for the student would say that and perhaps show the solution using the right number.


\n" ); document.write( "\"800=500%28e%5E%280.087t%29%29\"
\n" ); document.write( "\"1.6+=+e%5E%280.087t%29\"
\n" ); document.write( "\"ln%281.6%29=0.087t%29\"
\n" ); document.write( "\"t=ln%281.6%29%2F0.087\" = 5.40 (years) to the nearest hundredth

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