document.write( "Question 1189632: Mariel deposits Php 50,000 in a savings account. The account pays 6% annual interest. How many years will it take for her money to grow up to Php 89,542 \n" ); document.write( "
Algebra.Com's Answer #821055 by math_tutor2020(3816)\"\" \"About 
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\n" ); document.write( "We use this compound interest formula
\n" ); document.write( "A = P*(1+r/n)^(n*t)\r
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\n" ); document.write( "\n" ); document.write( "In this case,
\n" ); document.write( "A = 89,542 = desired amount in t years
\n" ); document.write( "P = 50,000 = principal or deposit amount
\n" ); document.write( "r = 0.06 = interest rate in decimal form
\n" ); document.write( "n = 1 = since we're compounding annually
\n" ); document.write( "t = unknown and what we want to solve for\r
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\n" ); document.write( "\n" ); document.write( "So,
\n" ); document.write( "A = P*(1+r/n)^(n*t)
\n" ); document.write( "89542 = 50000*(1+0.06/1)^(1*t)
\n" ); document.write( "89542/50000 = (1.06)^t
\n" ); document.write( "1.79084 = (1.05)^t
\n" ); document.write( "Ln(1.79084) = Ln( (1.06)^t )
\n" ); document.write( "Ln(1.79084) = t*Ln( 1.06 )
\n" ); document.write( "t = Ln(1.79084)/Ln(1.06)
\n" ); document.write( "t = 9.9999262433654 approximately\r
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\n" ); document.write( "\n" ); document.write( "It takes about 10 years for the money to reach the desired goal of Php 89,542.
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