document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=404442>Question 404442</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Bill places $10,000 in an investment account earning an annual rate of 5.1% compounded monthly. Using the formula V=P(1+r/n)^nt, where v is the value of the account in t years, P is the principal initially invested, n is the number of compounds per year, and r is the rate of interest, determine the amount of money, to the nearest cent, that Bill will have after 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 #285797 by </B><A HREF=/tutors/aboutme.mpl?userid=texttutoring><B>texttutoring(324)</B></A><img src=\"/images/stars/stars-10.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=texttutoring><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=texttutoring><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=285797\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> V=P(1+r/n)^nt\r<BR>\n" );
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document.write( "Let's write down what we are given:\r<BR>\n" );
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document.write( "P = 10000<BR>\n" );
document.write( "r = 0.051<BR>\n" );
document.write( "t = 10 years<BR>\n" );
document.write( "n = 12 (because it is compounded monthly, or 12 times per year)\r<BR>\n" );
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document.write( "V=P(1+r/n)^nt<BR>\n" );
document.write( "V = 10000(1+0.051/12)^(12*10)<BR>\n" );
document.write( "V = 16634.93\r<BR>\n" );
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document.write( "So he will have $16,634.93 after ten years. </SPAN>\n" );
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