document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=62743>Question 62743</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Suppose $500 is invested at 6.5% interest, compounded monthly. How much is the investment worth after 10 years? Round to the nearest cent. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #43579 by </B><A HREF=/tutors/aboutme.mpl?userid=joyofmath><B>joyofmath(189)</B></A><img src=\"/images/stars/stars-09.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=joyofmath><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=43579\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <b>Suppose $500 is invested at 6.5% interest, compounded monthly. How much is the investment worth after 10 years? Round to the nearest cent.</b>\r<BR>\n" );
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document.write( "6.5% per year = 6.5%/12 = .54166666666% = .00541666666 per month. <BR>\n" );
document.write( "10 years of investment = 10*12 = 120 months.\r<BR>\n" );
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document.write( "So, the formula we use is Value after 10 years = <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=500%2A%281.0054166666%29%5E120 ALIGN=MIDDLE  ALT=\"500%2A%281.0054166666%29%5E120\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "We use a calculator and get <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=500%2A1.91218375 ALIGN=MIDDLE  ALT=\"500%2A1.91218375\"   DISABLED_style= \"max-width:90%; height:auto;\" > = <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=highlight%28956.09%29 ALIGN=MIDDLE  ALT=\"highlight%28956.09%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >. </SPAN>\n" );
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