document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=56740>Question 56740</A>: <I><SPAN STYLE=\"word-break: break-all;\">  Find the present value of $20,000 at 7% compounded monthly for 3 years.  <BR>\n" );
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document.write( "   a. $1,750.71  <BR>\n" );
document.write( "   b. $16,221.58  <BR>\n" );
document.write( "   c. $19,654.04  <BR>\n" );
document.write( "   d. $24,658.51  <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 #38907 by </B><A HREF=/tutors/aboutme.mpl?userid=rcmcc><B>rcmcc(152)</B></A><img src=\"/images/stars/stars-09.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=rcmcc><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=rcmcc><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=38907\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> use the equation A=P(1+i)^n to calculate simple compound interest.\r<BR>\n" );
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document.write( "p=20 000<BR>\n" );
document.write( "i=0.07/12 months in a year<BR>\n" );
document.write( "n=3x12 months in a year\r<BR>\n" );
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document.write( "A=20 000(1+(.07/12))^36\r<BR>\n" );
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document.write( "A=$24,658\r<BR>\n" );
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document.write( "The answer is d.) </SPAN>\n" );
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