document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=220784>Question 220784</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Could someone explain how to solve the following problem?<BR>\n" );
document.write( "Please.<BR>\n" );
document.write( "Find the accumulated amount after 5 years if $12,000 is invested at 18% per year compounded monthly.<BR>\n" );
document.write( "Thank you!!!! </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #165667 by </B><A HREF=/tutors/aboutme.mpl?userid=Alan3354><B>Alan3354(69443)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Alan3354><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=Alan3354><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=165667\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Find the accumulated amount after 5 years if $12,000 is invested at 18% per year compounded monthly.<BR>\n" );
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document.write( "5 yrs = 60 months = # of periods<BR>\n" );
document.write( "Interest rate/month = 0.18/12 = 0.015<BR>\n" );
document.write( "FV = 12000*(1+0.015)^60<BR>\n" );
document.write( "FV = 12000*2.44322<BR>\n" );
document.write( "FV = $29318.64 </SPAN>\n" );
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