document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=691473>Question 691473</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Juan is going to deposit $1,000 in an account that will earn him compund interest. The account pays 8% interest, compounded monthly. How much money will he have after 10 years? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #426795 by </B><A HREF=/tutors/aboutme.mpl?userid=lwsshak3><B>lwsshak3(11628)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=lwsshak3><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=426795\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Juan is going to deposit $1,000 in an account that will earn him compund interest. The account pays 8% interest, compounded monthly. How much money will he have after 10 years.<BR>\n" );
document.write( "**<BR>\n" );
document.write( "compound interest formula: A=P(1+r)^n, P=initial investment, r=interest rate per period, A=amt after n periods.<BR>\n" );
document.write( "For given problem:<BR>\n" );
document.write( "P=1000<BR>\n" );
document.write( "r=.08/12<BR>\n" );
document.write( "n=10*12=120<BR>\n" );
document.write( "..<BR>\n" );
document.write( "A=1000(1+.08/12)^120=2219.64<BR>\n" );
document.write( "How much money will Juan have after 10 years. $2219.64 </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );