document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=629341>Question 629341</A>: <I><SPAN STYLE=\"word-break: break-all;\"> For each of the past 10 years Bill's retirement account has increased in value by 8% over the preceding year.  If this pattern of increase continues for the next 3 years what will be the total percent increase in the value of Bill's retirement account over the 3 years?\r<BR>\n" );
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document.write( "Thanks so much~  This is a Praxis II General Content Knowledge question! </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #396239 by </B><A HREF=/tutors/aboutme.mpl?userid=55305><B>55305(86)</B></A><img src=\"/images/stars/stars-08.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=55305><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=396239\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Let's assume that Bill's retirement account had $1000 in it right now. So in a year, his account will have 1.08*1000. The next year, he will have 1.08*1.08*1000, and in the next year there will be 1.08*1.08*1.08*1000, or $1259.712. The percent of change formula is something like this: (c-o)/o, with c being the current value, and o being the old value. So we plug in the numbers: ($1259.712-$1000)/1000= $259.712/1000= 0.259712= 25.9712%<BR>\n" );
document.write( "So the percent increase is 25.9712%. </SPAN>\n" );
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