Math

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?................

  1. 👍 0
  2. 👎 0
  3. 👁 61
asked by Hect01
  1. I gave you a good start on this problem.

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

    Can't you finish it?

  2. What don't you understand about finishing the problem?

  3. 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.

    1. 👍 0
    2. 👎 0
    posted by Hect01
  4. 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.

  5. 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.

    1. 👍 0
    2. 👎 0
    posted by Reiny
  6. Thank you Ms. Sue

    1. 👍 0
    2. 👎 0
    posted by Hect01
  7. You're welcome, Hect.

Respond to this Question

First Name

Your Response

Similar Questions

  1. Math

    Please help me, I have to solve these problems: My great-grandfather invested $ 9.00 in a savings account in 1909. The amount of money in the account double every 9 years. * How much money would be in the account 99 years

    asked by Hect01 on May 14, 2014
  2. Finance

    . On the day that you were born, your grandfather opened a savings account in your name. At that time, he deposited a certain amount of money into the account, and has deposited the same amount on each of your first 20 birthdays.

    asked by Later on March 25, 2016
  3. math

    Adrian has $12,000 invested in a savings account which pays 5%, a time deposit paying 7% and a bond that pays 10%. He has $1000 less invested in the bond than in his savings account, and he earned $860 in annual interest. How much

    asked by Tay on April 30, 2017
  4. Math

    Peter has money in two savings accounts. One rate is 9% and the other is 11%. If he has $400 more in the 11% account and the total interest is $117, how much is invested in each savings account?

    asked by Sydney on November 26, 2014
  5. math

    Money is invested in a savings account at 3.4% simple interest. After 1 year, there is $1695.76 in the account. How much was originally invested?

    asked by Cathy on February 26, 2013
  6. Algebra

    I really need your help in solving this problem. I really appreciate your time and efforts. Here is the question: An amount of money invested for 1 year in a savings account will earn $ 1,500. The same amount of money invested in

    asked by Jay on November 2, 2014
  7. Math

    Q:Mr.Camacho invested twice as much in a savings account at 6.5% as he invested in a U.S. Treasure Note at 7%. If his yearly income from both investments is $800.00, how much has he invested at 6.5% and how much at 7%? A:

    asked by Lily on July 21, 2008
  8. Algebra

    Suppose that P dollars is invested in a savings account at interest rate I, compounded semiannually, for one year. The amount A in the account after one year is given by A = P(1 + i/2)^2 I got help with a problem similar to this

    asked by Cassie on April 16, 2009
  9. math

    Jenna has $1500 in a savings account. She adds $30 to her account each month. Luis has $2400 in his savings account. He withdraws $30 from his account each month. Write and solve a system of equation.

    asked by sahar on November 8, 2012
  10. math

    a mother wants to $9000 for her son's future education. She invested a portion of the money in a bank certificate(CD account) which earns 4% and the reminder in a savings bond that earns 7%. If the total interest earned after one

    asked by KaRon on September 3, 2012

More Similar Questions