document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=761639>Question 761639</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Determine the amount of an investment if $100 is invested at an interest rate of 5% compounded monthly for 5 years. Round your answer to the nearest whole dollar. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #463383 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=463383\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Determine the amount of an investment if $100 is invested at an interest rate of 5% compounded monthly for 5 years. Round your answer to the nearest whole dollar.<BR>\n" );
document.write( "***<BR>\n" );
document.write( "compound interest formula: A=P(1+i)^n, P=initial investment, i=interest rate per period, n=number of periods, A=amount after n periods.<BR>\n" );
document.write( "For given problem:<BR>\n" );
document.write( "P=$100<BR>\n" );
document.write( "i=.05/12<BR>\n" );
document.write( "n=5*12=60<BR>\n" );
document.write( "..<BR>\n" );
document.write( "A=100(1+(.05/12)^60)<BR>\n" );
document.write( "A=100(1.2834)&#8776;$128 </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );