document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=756631>Question 756631</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Classify the financial problem. Assume a 11% interest rate compounded annually.<BR>\n" );
document.write( "Find the value of a $1,000 certificate in 6 years. (Round your answer 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 #460336 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=460336\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Classify the financial problem. Assume a 11% interest rate compounded annually.<BR>\n" );
document.write( "Find the value of a $1,000 certificate in 6 years. (Round your answer to the nearest cent.)<BR>\n" );
document.write( "***<BR>\n" );
document.write( "Compound Interest Formula: A=P(1+i)^n, P=initial investment, i=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( "i=0.11<BR>\n" );
document.write( "n=6<BR>\n" );
document.write( "..<BR>\n" );
document.write( "A=1000(1+0.11)^6<BR>\n" );
document.write( "A=1000(1.11)^6<BR>\n" );
document.write( "A=1000*1.87042 (rounded)<BR>\n" );
document.write( "A=1870.42<BR>\n" );
document.write( "value of a $1,000 certificate in 6 years at 11% interest rate compounded annually=$1872.42 </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );