document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=150719>Question 150719</A>: <I><SPAN STYLE=\"word-break: break-all;\"> hi\r<BR>\n" );
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document.write( "i am studying for my final and i would like to know something. this is the task:<BR>\n" );
document.write( "tamika invests $3000 in a 5-yr cd that pays 5.35% interest compounded monthly. how much will she have in the acc. at the end of the 5 yr period?\r<BR>\n" );
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document.write( "I used the formula A=P(1+r/n)nt\r<BR>\n" );
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document.write( "so I got A = 3000(1+0.535/12)60 (that is an exponent)\r<BR>\n" );
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document.write( "now, i first divided 0.535 by 12 and then +1 so I get 1.044583333... and i took that by 60 exponential. I get 13.69574101\r<BR>\n" );
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document.write( "on the answer sheet it is written like this:\r<BR>\n" );
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document.write( "A=3000(1+0.535/12)60<BR>\n" );
document.write( "3000(1.305916985) = 3917.75\r<BR>\n" );
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document.write( "how do i get the 1.3059...etc? how do i calculate the braces with the 60 exponential part? what i did was calculating the braces first and then take it exponential 60.<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #110642 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=110642\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> tamika invests $3000 in a 5-yr cd that pays 5.35% interest compounded monthly. how much will she have in the acc. at the end of the 5 yr period? <BR>\n" );
document.write( "I used the formula A=P(1+r/n)nt <BR>\n" );
document.write( "so I got A = 3000(1+0.535/12)60 (that is an exponent) <BR>\n" );
document.write( "now, i first divided 0.535 by 12 and then +1 so I get 1.044583333... and i took that by 60 exponential. I get 13.69574101 <BR>\n" );
document.write( "on the answer sheet it is written like this: <BR>\n" );
document.write( "A=3000(1+0.535/12)60<BR>\n" );
document.write( "3000(1.305916985) = 3917.75 <BR>\n" );
document.write( "how do i get the 1.3059...etc? how do i calculate the braces with the 60 exponential part? what i did was calculating the braces first and then take it exponential 60.\r<BR>\n" );
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document.write( "Your mistake is changing 5.35% to 0.535.<BR>\n" );
document.write( "You should have 5.35% = 0.0535<BR>\n" );
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document.write( "After that your procedure is correct.<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
document.write( "  </SPAN>\n" );
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