document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=138282>Question 138282</A>: <I><SPAN STYLE=\"word-break: break-all;\"> If James needs $15,000 for his new car.  How much does he have to invest now in a 36-month CD that has a rate of 3.75% compounded quarterly? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #101001 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><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=101001\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> If James needs $15,000 for his new car. How much does he have to invest now in a 36-month CD that has a rate of 3.75% compounded quarterly?<BR>\n" );
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document.write( "15000 = P(1 + (0.0375/4))^(4*3)<BR>\n" );
document.write( "15000 = P(1.009375)^(12)<BR>\n" );
document.write( "P = 15000/1,118486<BR>\n" );
document.write( "P = $13,410.99<BR>\n" );
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document.write( "Probably the answer is $13,411.00<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );