document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1190107>Question 1190107</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Austin deposited $5000 into an account with a 8.6% 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 $7945?<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 #821671 by </B><A HREF=/tutors/aboutme.mpl?userid=math_tutor2020><B>math_tutor2020(3817)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=math_tutor2020><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/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=821671\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <font color=black size=3><BR>\n" );
document.write( "A = P*(1+r/n)^(n*t)<BR>\n" );
document.write( "7945 = 5000*(1+0.086/2)^(2*t)<BR>\n" );
document.write( "7945 = 5000*1.043^(2*t)<BR>\n" );
document.write( "5000*1.043^(2*t) = 7945<BR>\n" );
document.write( "1.043^(2*t) = 7945/5000<BR>\n" );
document.write( "1.043^(2*t) = 1.589<BR>\n" );
document.write( "Log[ 1.043^(2*t) ] = Log[ 1.589 ]<BR>\n" );
document.write( "2t*Log(1.043) = Log(1.589)<BR>\n" );
document.write( "t = 0.5*Log(1.589)/Log(1.043)<BR>\n" );
document.write( "t = 5.4999044129978<BR>\n" );
document.write( "t = 5.50\r<BR>\n" );
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document.write( "It takes about 5.50 years<BR>\n" );
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