document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=367705>Question 367705</A>: <I><SPAN STYLE=\"word-break: break-all;\"> An account earns interest at a stated annual rate of 7.4%, with monthly compounding. Amy wants $15,000 in that account after 5 years from now. How much does she have to deposit to attain that goal </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #262105 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=262105\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> An account earns interest at a stated annual rate of 7.4%, with monthly compounding. Amy wants $15,000 in that account after 5 years from now. How much does she have to deposit to attain that goal<BR>\n" );
document.write( "----------------<BR>\n" );
document.write( "A(t) = P(1+(r/n))^(nt)<BR>\n" );
document.write( "15000 = P(1+(0.074/12))^(12*5)<BR>\n" );
document.write( "------<BR>\n" );
document.write( "15000 = P(1.4461<BR>\n" );
document.write( "---<BR>\n" );
document.write( "p = $10372.79<BR>\n" );
document.write( "===================<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
document.write( "============<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );