Asked by Hect01

Please help me solve this problem:
My great-grandfather invested $ 9. in a savings account in 1909. The amount of money in the account doubles every nine years. QUESTION; WHAT YEARWILL IT BE WHEN THE VALUE OF HIS INVESTMENT HITS $1 MILLION?................
Answered by Ms. Sue
I gave you a good start on this problem.

http://www.jiskha.com/display.cgi?id=1400095608

Can't you finish it?

Answered by Ms. Sue
What don't you understand about finishing the problem?
Answered by Hect01
In 99 years will have $18432.00 in savings account at percentage $ 8.01% a year.
I find really difficult to finish this problem because if it takes 99 years to save $ 18432.00 Then to save 1 Million dollars I have no idea.
Answered by Ms. Sue
I just continued the chart I started for you in which the amount doubled every 9 years. In 2062 his investment will top a million -- $1,179,648.
Answered by Reiny
so you want

9(2)(t/9) = 1000000
2^(t/9) = 111,111.111..
t/9 log2 = log111111.11
t/9 = log111111.11../log 2 = 16.7616..
t = 150.8548 years

so 1909 + 150.8548 yrs = appr 2060
just what Ms Sue got by continuing her chart.


Answered by Hect01
Thank you Ms. Sue
Answered by Ms. Sue
You're welcome, Hect.
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