document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=620582>Question 620582</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Hello, may you please help me solve:\r<BR>\n" );
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document.write( "Is it more profitable to receive $1000 now or $1700 in nine years? Assume that money can earn 6% interest compounded annually.\r<BR>\n" );
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document.write( "Thank you! </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #390305 by </B><A HREF=/tutors/aboutme.mpl?userid=nerdybill><B>nerdybill(7384)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=nerdybill><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=nerdybill><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=390305\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Is it more profitable to receive $1000 now or $1700 in nine years? Assume that money can earn 6% interest compounded annually. <BR>\n" );
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document.write( "$1000 after 6% interest compounded annually for nine years:<BR>\n" );
document.write( "A = P(1 + r)^t<BR>\n" );
document.write( "A = 1000(1 + .06)^9<BR>\n" );
document.write( "A = 1000(1.06)^9<BR>\n" );
document.write( "A = 1000(2.172)<BR>\n" );
document.write( "A = $2171.89<BR>\n" );
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document.write( "Answer: Take the $1000 now and invest it at 6% compounded annually </SPAN>\n" );
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