document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=200538>Question 200538</A>: <I><SPAN STYLE=\"word-break: break-all;\"> please help me solve this equation <BR>\n" );
document.write( "$1000 is invested at 4% for 3 years. How much will the account be worth if the interest is compounded monthly? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #150785 by </B><A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><B>jim_thompson5910(35256)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><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=150785\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> \r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A=p%281%2Br%2Fn%29%5E%28n%2At%29 ALIGN=MIDDLE  ALT=\"A=p%281%2Br%2Fn%29%5E%28n%2At%29\"   DISABLED_style= \"max-width:90%; height:auto;\" > Start with the compound interest formula\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A=1000%281%2B0.04%2F12%29%5E%2812%2A3%29 ALIGN=MIDDLE  ALT=\"A=1000%281%2B0.04%2F12%29%5E%2812%2A3%29\"   DISABLED_style= \"max-width:90%; height:auto;\" > Plug in p=1000 (the amount invested), r=0.04 (this is the decimal form of 4% interest), n=12 (compounded monthly), and t=3 (3 years)\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A=1000%281%2B0.00333333%29%5E%2812%2A3%29 ALIGN=MIDDLE  ALT=\"A=1000%281%2B0.00333333%29%5E%2812%2A3%29\"   DISABLED_style= \"max-width:90%; height:auto;\" > Divide 0.04 by 12 to get 0.00333333 (this value is approximate)\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A=1000%281%2B0.00333333%29%5E%2836%29 ALIGN=MIDDLE  ALT=\"A=1000%281%2B0.00333333%29%5E%2836%29\"   DISABLED_style= \"max-width:90%; height:auto;\" > Multiply the exponents 12 and 3 to get 36\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A=1000%281.00333333%29%5E%2836%29 ALIGN=MIDDLE  ALT=\"A=1000%281.00333333%29%5E%2836%29\"   DISABLED_style= \"max-width:90%; height:auto;\" > Add 1 and 0.00333333 to get 1.00333333\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A=1000%281.1272717%29 ALIGN=MIDDLE  ALT=\"A=1000%281.1272717%29\"   DISABLED_style= \"max-width:90%; height:auto;\" > Raise 1.00333333 to the 36th power to get 1.1272717\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A=1127.2717 ALIGN=MIDDLE  ALT=\"A=1127.2717\"   DISABLED_style= \"max-width:90%; height:auto;\" > Multiply 1000 and 1.127137 to get 1,127.2717\r<BR>\n" );
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document.write( "So if you invest $1,000 at an interest rate of 4%, which is compounded 12 times a year for 3 years,  the return is about $1,127.27 (which is rounded to the nearest cent) </SPAN>\n" );
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