Algebra.Com's Answer #850837 by ikleyn(52781)![\"\"](\"/images/stars/stars-13.gif\")  
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document.write( "How long do you need to invest your money in an account earning an annual interest rate of 5,624%
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document.write( "compounded daily so that your investment grows from $1380.96 to $10369 over that period of time?
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document.write( "give answer in days
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document.write( "The formula for the future value of the deposit compounded daily is\r\n" );
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document.write( " FV =  ,\r\n" );
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document.write( "where n is the number of days. So we write\r\n" );
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document.write( " 10369 =  .\r\n" );
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document.write( "Divide both sides by 1380.96\r\n" );
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document.write( "  =  .\r\n" );
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document.write( "Simplify\r\n" );
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document.write( " 7.50854478 = .\r\n" );
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document.write( "Take logarithm of both sides\r\n" );
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document.write( " log(7.50854478) =  \r\n" );
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document.write( "Express n and calculate\r\n" );
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document.write( " n =  = 13085.2 days.\r\n" );
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document.write( "Round it to the closest greater day.\r\n" );
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document.write( "ANSWER. 13086 days.\r\n" );
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document.write( "Solved.\r
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