document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=134074>Question 134074</A>: <I><SPAN STYLE=\"word-break: break-all;\"> If $10000 is invested at 6% compounded continously, in approximately how many years will the amount have grown to $15000? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #98115 by </B><A HREF=/tutors/aboutme.mpl?userid=nycsharkman><B>nycsharkman(136)</B></A><img src=\"/images/stars/stars-09.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=nycsharkman><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=98115\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> We use the formula A = Pe^(rt)where \r<BR>\n" );
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document.write( "A = final balance \r<BR>\n" );
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document.write( "P = original investment \r<BR>\n" );
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document.write( "r = the annual interest rate (as a decimal) \r<BR>\n" );
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document.write( "t = investment time (in years) \r<BR>\n" );
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document.write( "e = a special \"calculator number\" that serves as the base of the <BR>\n" );
document.write( "nalural logarithm.\r<BR>\n" );
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document.write( "Your question:\r<BR>\n" );
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document.write( "If $10000 is invested at 6% compounded continously, in approximately how many years will the amount have grown to $15000?\r<BR>\n" );
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document.write( "Let A = 15000\r<BR>\n" );
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document.write( "15000 = 10000e^(0.06t)\r<BR>\n" );
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document.write( "Divide both sides by 10000.\r<BR>\n" );
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document.write( "1.5 = e^(0.06t)\r<BR>\n" );
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document.write( "Rewrite as a log.\r<BR>\n" );
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document.write( "0.06t = In(1.5)\r<BR>\n" );
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document.write( "Solve for t.\r<BR>\n" );
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document.write( "t = In(1.5)/0.06\r<BR>\n" );
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document.write( "t = 6.757751802\r<BR>\n" );
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document.write( "Round 6.757751802 to the nearest ones place and we get\r<BR>\n" );
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document.write( "t is about 7 years.\r<BR>\n" );
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document.write( " </SPAN>\n" );
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