document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=707000>Question 707000</A>: <I><SPAN STYLE=\"word-break: break-all;\"> $1000 is deposited in a savings account that pays an annual rate of 6%, compounded monthly. Determine the value of the account in 2 1/2 years<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 #435466 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><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=435466\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> $1000 is deposited in a savings account that pays an annual rate of 6%, compounded monthly. Determine the value of the account in 2 1/2 years<BR>\n" );
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document.write( "A(t) = P(1+(r/n))^(nt)<BR>\n" );
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document.write( "A(2 1/2) = 1000(1 + (0.06/12))^(12(5/2))<BR>\n" );
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document.write( "A(2 1/2) = 1000(1.05)^30 = $1161.40<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
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