document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=55340>Question 55340</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Hi, I am having a hard time trying to resolve this problem<BR>\n" );
document.write( "Donna deposited some money into an account paying 8% per annum, compounded quarterly. When she goes into the bank 3 years later, she discovers that there is $1585.30 in her account. What was the initial amount Donna deposited?<BR>\n" );
document.write( "Any help will be eternally appreciated<BR>\n" );
document.write( "thanks </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #37545 by </B><A HREF=/tutors/aboutme.mpl?userid=checkley71><B>checkley71(8403)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=checkley71><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=37545\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> interest=principal*rate*time(years)\r<BR>\n" );
document.write( "\n" );
document.write( "1585.3-P=P*.02*12 NOTE QUARTERLY NEANS THERE ARE 4*3 INTEREST PERIOD.<BR>\n" );
document.write( "1585.3-P=.24P<BR>\n" );
document.write( "P+.24P=1585.3<BR>\n" );
document.write( "1.24P=1585.3<BR>\n" );
document.write( "P=1585.3/1.24<BR>\n" );
document.write( "P=1278.47<BR>\n" );
document.write( "THEREFORE THE INTEREST WAS 1585.3-1278.47=306.83<BR>\n" );
document.write( "PROOF<BR>\n" );
document.write( "306.83=1278.47*.02*12<BR>\n" );
document.write( "306.83=306.83\r<BR>\n" );
document.write( "\n" );
document.write( "  </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );