document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=962515>Question 962515</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A person invests 6000 dollars in a bank. The bank pays 6% interest compounded daily. <BR>\n" );
document.write( "To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 11100 dollars? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #854556 by </B><A HREF=/tutors/aboutme.mpl?userid=ikleyn><B>ikleyn(53886)</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=854556\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> .<BR>\n" );
document.write( " person invests 6000 dollars in a bank. The bank pays 6% interest compounded daily. <BR>\n" );
document.write( "To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 11100 dollars?<BR>\n" );
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document.write( "&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The solution and the answer in the post by @lwsshak3 both are incorrect due to arithmetic error on the way.\r<BR>\n" );
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document.write( "&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Find my correct solution below.\r<BR>\n" );
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document.write( "A=P(1+r/n)^nt, P=initial investment, r=interest rate, n=number of compounding periods per year<BR>\n" );
document.write( "A=amt after t-years<BR>\n" );
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document.write( "assume 365 days/yr<BR>\n" );
document.write( "11100 = 6000(1+.06/365)^365t<BR>\n" );
document.write( "111/60 = (1+0.06/365)^365t<BR>\n" );
document.write( "111/60 = (1+0.06/365)^365t<BR>\n" );
document.write( "take log of both sides<BR>\n" );
document.write( "log(111/60) = 365t*log(1+0.06/365)<BR>\n" );
document.write( "t=log(111/60)/(365*log(1+0.06/365)) = 10.25391<BR>\n" );
document.write( "how long must the person leave the money in the bank? about 10.25 years.  (rounded as requested)\r<BR>\n" );
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document.write( "<U>CHECK</U>.  &nbsp;&nbsp;<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=6000%2A%281%2B0.06%2F365%29%5E%28365%2A10.25%29 ALIGN=MIDDLE  ALT=\"6000%2A%281%2B0.06%2F365%29%5E%28365%2A10.25%29\"   DISABLED_style= \"max-width:90%; height:auto;\" > = 11,097 dollars &nbsp;&nbsp;&nbsp;&nbsp;<<<--->>> &nbsp;&nbsp;&nbsp;&nbsp;very close to &nbsp;$11,000.\r<BR>\n" );
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document.write( "Solved correctly.\r<BR>\n" );
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