document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1189999>Question 1189999</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Mai deposited $3000 into an account with a 9.8% annual interest rate, compounded semiannually. Assuming that no withdrawals<BR>\n" );
document.write( "are made, how long will it take for the investment to grow to $3462?<BR>\n" );
document.write( "Do not round any intermediate computations, and round your answer to the nearest hundredth.<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #821537 by </B><A HREF=/tutors/aboutme.mpl?userid=mananth><B>mananth(16946)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=mananth><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=mananth><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=821537\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> \r<BR>\n" );
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document.write( " r as a decimal<BR>\n" );
document.write( "r = R/100<BR>\n" );
document.write( "r = 9.8/100<BR>\n" );
document.write( "r = 0.098 per year,\r<BR>\n" );
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document.write( "Then, solve the equation for t<BR>\n" );
document.write( "t = ln(A/P) / n[ln(1 + r/n)]<BR>\n" );
document.write( "t = ln(3,462.00/3,000.00) / ( 2 × [ln(1 + 0.098/2)] )<BR>\n" );
document.write( "t = ln(3,462.00/3,000.00) / ( 2 × [ln(1 + 0.049)] )<BR>\n" );
document.write( "t = 1.497 years\r<BR>\n" );
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document.write( "1.5 years </SPAN>\n" );
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