document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=474730>Question 474730</A>: <I><SPAN STYLE=\"word-break: break-all;\"> please help me solve this equation.\r<BR>\n" );
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document.write( "Suppose you deposit a principal amount of (p) dollars in a bank account that pays compound interest. If the annual interest rate (r) (expressed as a decimal) and the bank makes interest payments (n) times every year, the amount of money (a) you would have after (t) years is given by       A(T)=P(1+ r/n )^RT .\r<BR>\n" );
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document.write( "*THE r/n IS A FRACTION * AND THE ^RT ARE BOTH EXPONENTS<BR>\n" );
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document.write( "Find the account balance after 20 years if you started with a deposit of $1000, and the bank was paying 4% interest compounded quarterly (4 times a year). Round your answer to the nearest cent.\r<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #325556 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=325556\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> A=1000(1+0.04/4)^(20*4)<BR>\n" );
document.write( "A=1000(1.01)^80<BR>\n" );
document.write( "A=1000(2.21672)<BR>\n" );
document.write( "A=$2216.72 </SPAN>\n" );
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