document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=59748>Question 59748</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Use the compound interest formula A=P(1+r/n)^nt to answer the following questions. In the formula, A is the amount of money in the savings account, P is the principle, r is the interest rate, t is the time that the money is in the account, and n is the number of times the money is compounded per year. Write each answer to the following questions in a complete sentence.\r<BR>\n" );
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document.write( "a. What will be the amount in the account if $800 is invested at 2.4% compounded monthly for 5 years?\r<BR>\n" );
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document.write( "b. What amount should a person place in an account if she wishes to have $1500 in 4 years if the money is compounded quarterly at an interest rate of 3.5%?  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #41337 by </B><A HREF=/tutors/aboutme.mpl?userid=tutorcecilia><B>tutorcecilia(2152)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=tutorcecilia><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=tutorcecilia><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=41337\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <BR>\n" );
document.write( "A=P(1+r/n)^nt [Use the compound interest formula]<BR>\n" );
document.write( "A=The amount of money in the savings account<BR>\n" );
document.write( "P=The principle<BR>\n" );
document.write( "r=The interest rate converted to a decimal<BR>\n" );
document.write( "t=The time that the money is in the account<BR>\n" );
document.write( "n=The number of times the money is compounded per year<BR>\n" );
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document.write( "Write each answer to the following questions in a complete sentence. <BR>\n" );
document.write( "a. If the principle amount is $800 at 2.4% interest compounded monthly for 5 years the total amount will be $901.89.<BR>\n" );
document.write( "A = 800 [ 1 + ((.024)/(12)) ]^((12)(5))<BR>\n" );
document.write( "A =901.89<BR>\n" );
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document.write( "b. If a person wishes to have $1500 in 4 years and it is compounded quarterly at an interest rate of 3.5%, she must invest $1304.83.<BR>\n" );
document.write( "A=P(1+(r/n))^(nt) [Solve for P]<BR>\n" );
document.write( "P=(1/[1+(r/n))^(nt)] [Plug-in the values]<BR>\n" );
document.write( "P = (1500) / {[ 1 + ((.035)/(4)) ]^((4)(4))}<BR>\n" );
document.write( "P=1304.8316<BR>\n" );
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document.write( " </SPAN>\n" );
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