document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=53224>Question 53224</A>: <I><SPAN STYLE=\"word-break: break-all;\"> I have a homework assignment that I am having a hard time solving.  I think I have the right answer.  But I'm not sure.  The question is:<BR>\n" );
document.write( "The formula for calculating the amount of money returned for an initial deposit money into a bank account or CD (Certificate of Deposit) is given by\r<BR>\n" );
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document.write( "A=P(1+r/n)^nt\r<BR>\n" );
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document.write( "A is the amount of returned.<BR>\n" );
document.write( "P is the principal amount initially deposited.<BR>\n" );
document.write( "r is the annual interest rate (expressed as a decimal).<BR>\n" );
document.write( "n is the compound period.<BR>\n" );
document.write( "t is the number of years.\r<BR>\n" );
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document.write( "Suppose you deposit $10,000 for 2 years at a rate of 10%.<BR>\n" );
document.write( " 	Calculate the return (A) if the bank compounds annually (n = 1). Round your answer to the hundredth's place.<BR>\n" );
document.write( "For that problem I did:<BR>\n" );
document.write( "        A= $10,000(1+.10/2)^2*.10<BR>\n" );
document.write( "        A=$10,000(1+.05)^2*.10<BR>\n" );
document.write( "	A=$10,000(1.05)^2*.10<BR>\n" );
document.write( "	A=$10,000(1.05)^.2<BR>\n" );
document.write( "	A=$10,000(1.009805798)<BR>\n" );
document.write( "	A=$10,098.05798<BR>\n" );
document.write( "Did I do it right?<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #35605 by </B><A HREF=/tutors/aboutme.mpl?userid=Nate><B>Nate(3500)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Nate><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=35605\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> I know what you are doing wrong. To help you finish this out correctly, you should find the variables first. This way, you do not accidentally plug in the wrong numbers.<BR>\n" );
document.write( "n = 1<BR>\n" );
document.write( "t = 2<BR>\n" );
document.write( "P = 10000<BR>\n" );
document.write( "r = 0.1<BR>\n" );
document.write( "A = P(1 + r/n)^(tn)<BR>\n" );
document.write( "A = 10000(1 + 0.1/1)^(2*1)<BR>\n" );
document.write( "A = 10000(1.1)^(2)<BR>\n" );
document.write( "A = $12,100 </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );