document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1209221>Question 1209221</A>: <I><SPAN STYLE=\"word-break: break-all;\"> $3000 is deposited at 8% compounded semiannually. How long does it take to double? Round to the nearest tenth of a year. <BR>\n" );
document.write( "Use the formula<BR>\n" );
document.write( "A=P(1+r/n)^nt<BR>\n" );
document.write( "possible answers<BR>\n" );
document.write( "1.) 8.8 years<BR>\n" );
document.write( "2.) 9.2 years<BR>\n" );
document.write( "3.) 9 years<BR>\n" );
document.write( "4.) 8.6 years </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #847862 by </B><A HREF=/tutors/aboutme.mpl?userid=ikleyn><B>ikleyn(52786)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=ikleyn><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=ikleyn><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=847862\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> .\r<BR>\n" );
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document.write( "Calculations that brought tutor @math_tutor2020 to the value  t = 8.83... years (approximately)\r<BR>\n" );
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document.write( "were correct, but the conclusion, which he made from it was wrong.\r<BR>\n" );
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document.write( "The discretely compounded amount is not a continuous function of time.\r<BR>\n" );
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document.write( "The amount of a discretely compounded account is a discontinuous function.\r<BR>\n" );
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document.write( "It is changed jumping at the compounding time moments.\r<BR>\n" );
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document.write( "So, the value t= 8.83... years MUST be rounded UP to the closest compounding time period,\r<BR>\n" );
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document.write( "in order for the bank would be in position to make the last compounding.\r<BR>\n" );
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document.write( "Thus the correct answer to this problem is 9 years.\r<BR>\n" );
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document.write( "About a million of similar problems are solved at this site in my lesson\r<BR>\n" );
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document.write( "&nbsp;&nbsp;&nbsp;&nbsp;- <A  rel=nofollow HREF=https://www.algebra.com/algebra/homework/logarithm/Problems-on-discretely-compound-accounts.lesson>Problems on discretely compound accounts</A> \r<BR>\n" );
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document.write( "with complete explanations. \r<BR>\n" );
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document.write( "Learn the subject from there.\r<BR>\n" );
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document.write( "Today is Friday 13  (December 13, 2024) - hard day for many tutors at this forum . . . \r<BR>\n" );
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document.write( " </SPAN>\n" );
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