document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=742265>Question 742265</A>: <I><SPAN STYLE=\"word-break: break-all;\"> hans opens a savings account by depositing $1200 in an account that earns 3% interest compounded weekly. how much will his investment be worth in 10 years? assume there are exactly 52 weeks in a year and round your answer to the nearest cent<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 #452375 by </B><A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><B>jim_thompson5910(35256)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><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=452375\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Use the compound interest formula: \r<BR>\n" );
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document.write( "A = P(1+r/n)^(n*t)\r<BR>\n" );
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document.write( "where\r<BR>\n" );
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document.write( "A = amount in the account after t years\r<BR>\n" );
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document.write( "P = initial amount invested\r<BR>\n" );
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document.write( "r = interest rate (in decimal form)\r<BR>\n" );
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document.write( "n = compounding frequency\r<BR>\n" );
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document.write( "t = number of years\r<BR>\n" );
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document.write( "In this case\r<BR>\n" );
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document.write( "A = unknown (we're solving for this)\r<BR>\n" );
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document.write( "P = 1200\r<BR>\n" );
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document.write( "r = 0.03 (3% = 3/100 = 0.03)\r<BR>\n" );
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document.write( "n = 52 (we're compounding the amount in the account 52 times a year)\r<BR>\n" );
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document.write( "t = 10\r<BR>\n" );
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document.write( "Plug all these values into the equation to get...\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+P%281%2Br%2Fn%29%5E%28n%2At%29 ALIGN=MIDDLE  ALT=\"A+=+P%281%2Br%2Fn%29%5E%28n%2At%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+1200%281%2B0.03%2F52%29%5E%2852%2A10%29 ALIGN=MIDDLE  ALT=\"A+=+1200%281%2B0.03%2F52%29%5E%2852%2A10%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+1200%281%2B0.000576923076923077%29%5E%2852%2A10%29 ALIGN=MIDDLE  ALT=\"A+=+1200%281%2B0.000576923076923077%29%5E%2852%2A10%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+1200%281.00057692307692%29%5E%2852%2A10%29 ALIGN=MIDDLE  ALT=\"A+=+1200%281.00057692307692%29%5E%2852%2A10%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+1200%281.00057692307692%29%5E%28520%29 ALIGN=MIDDLE  ALT=\"A+=+1200%281.00057692307692%29%5E%28520%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+1200%281.34974204283122%29 ALIGN=MIDDLE  ALT=\"A+=+1200%281.34974204283122%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+1619.69045139747 ALIGN=MIDDLE  ALT=\"A+=+1619.69045139747\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+1619.69 ALIGN=MIDDLE  ALT=\"A+=+1619.69\"   DISABLED_style= \"max-width:90%; height:auto;\" > Don't forget to round to the nearest penny.\r<BR>\n" );
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document.write( "So his investment will be worth <font color=\"red\">$1,619.69</font> in 10 years.<BR>\n" );
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