document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=316660>Question 316660</A>: <I><SPAN STYLE=\"word-break: break-all;\"> How much money should be deposited today in an account that earns 10.5% compounded monthly so that it will accumulate to $22,000 in four years? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #226560 by </B><A HREF=/tutors/aboutme.mpl?userid=nerdybill><B>nerdybill(7384)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=nerdybill><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=nerdybill><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=226560\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> How much money should be deposited today in an account that earns 10.5% compounded monthly so that it will accumulate to $22,000 in four years?<BR>\n" );
document.write( ".<BR>\n" );
document.write( "Compound interest formula:<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+P%281+%2B+i%2Fn%29%5E%28nt%29 ALIGN=MIDDLE  ALT=\"A+=+P%281+%2B+i%2Fn%29%5E%28nt%29\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "Where<BR>\n" );
document.write( "A is amount after time t<BR>\n" );
document.write( "P is the principal<BR>\n" );
document.write( "i is the interest<BR>\n" );
document.write( "n is number of times compounded<BR>\n" );
document.write( "t is time (in years)<BR>\n" );
document.write( ".<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+P%281+%2B+i%2Fn%29%5E%28nt%29 ALIGN=MIDDLE  ALT=\"A+=+P%281+%2B+i%2Fn%29%5E%28nt%29\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "Plugging in what was given:<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=22000+=+P%281+%2B+.105%2F12%29%5E%2812%2A4%29 ALIGN=MIDDLE  ALT=\"22000+=+P%281+%2B+.105%2F12%29%5E%2812%2A4%29\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=22000+=+P%281+%2B+.105%2F12%29%5E48 ALIGN=MIDDLE  ALT=\"22000+=+P%281+%2B+.105%2F12%29%5E48\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=22000+=+P%281+%2B+.00875%29%5E48 ALIGN=MIDDLE  ALT=\"22000+=+P%281+%2B+.00875%29%5E48\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=22000+=+P%281.00875%29%5E48 ALIGN=MIDDLE  ALT=\"22000+=+P%281.00875%29%5E48\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=22000%2F%281.00875%29%5E48+=+P ALIGN=MIDDLE  ALT=\"22000%2F%281.00875%29%5E48+=+P\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=22000%2F%281.00875%29%5E48+=+P ALIGN=MIDDLE  ALT=\"22000%2F%281.00875%29%5E48+=+P\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "$19,816.19 = P\r<BR>\n" );
document.write( "\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );