document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=374744>Question 374744</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Mark and Kate are establishing a fund for their son's college education. What lump sum must they deposit in an account that gives 6% annual interest rate, compounded monthly, in order for them to have $65,000 in the fund at the end of 10 years? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #266531 by </B><A HREF=/tutors/aboutme.mpl?userid=rfer><B>rfer(16322)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=rfer><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=266531\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 65000=P(1+0.06/12)^(12*10)<BR>\n" );
document.write( "P=65000/(1.005)^120<BR>\n" );
document.write( "P=65000/1.819396734<BR>\n" );
document.write( "P=35,726.13 </SPAN>\n" );
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