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

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asked by Hect01
  1. I gave you a good start on this problem.

    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.

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    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.

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    posted by Reiny
  6. Thank you Ms. Sue

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    posted by Hect01
  7. You're welcome, Hect.

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