document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=176412>Question 176412</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A businessman invested $20,000 in an account that earns 9% interest compounded monthly. Find the future nvaluen in three years. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #131535 by </B><A HREF=/tutors/aboutme.mpl?userid=solver91311><B>solver91311(24713)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=solver91311><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/cgi-bin/show-face.mpl?user=solver91311><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=131535\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=FV+=+PV%281+%2B+r%29%5En ALIGN=MIDDLE  ALT=\"FV+=+PV%281+%2B+r%29%5En\"   DISABLED_style= \"max-width:90%; height:auto;\" > Where PV is present value, r is the interest PER COMPOUNDING PERIOD, and n is the number of compounding periods.\r<BR>\n" );
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document.write( "Since you are compounding an annual interest rate monthly, you have to divide the interest rate by 12 to get r and multiply the number of years by 12 to get n.\r<BR>\n" );
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document.write( "Plug in the numbers and use your calculator.  Remember to round your answer to the nearest cent. </SPAN>\n" );
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