document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=602585>Question 602585</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Mrs. Eubanks recieved $2000 as a wedding gift form her uncle. She wants to invest this money in a bank that will pay 4.5% interest compounded monthly. How much should she expect to  have in the account after 20 years?\r<BR>\n" );
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document.write( "I am interested in knowing the formula to find the compounded interest and how to solve the answer. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #380331 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><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=380331\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Mrs. Eubanks received $2000 as a wedding gift form her uncle. She wants to invest this money in a bank that will pay 4.5% interest compounded monthly. How much should she expect to have in the account after 20 years? <BR>\n" );
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document.write( "A(t) = P(1+(r/n))^(nt)<BR>\n" );
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document.write( "A(20) = 2000(1+(0.045/12))^(12*20)<BR>\n" );
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document.write( "A(20) = 2000(1+0.00375)^(240)<BR>\n" );
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document.write( "A(20) = 2000(2.4555)<BR>\n" );
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document.write( "A(20) = $4910.93<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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document.write( " </SPAN>\n" );
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