document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=768236>Question 768236</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Bobby needs to save $10,000 for school in the next two years. He found a bank that offers a 10% interest rate compounded annually. What does he need to deposit at the beginning of the year to have enough money for school? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #468183 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=468183\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Bobby needs to save $10,000 for school in the next two years. He found a bank that offers a 10% interest rate compounded annually. What does he need to deposit at the beginning of the year to have enough money for school?<BR>\n" );
document.write( "-------<BR>\n" );
document.write( "10,000 = P(1+(0.10/1))^(1*2)<BR>\n" );
document.write( "----<BR>\n" );
document.write( "10,000 = P(1.1)^2<BR>\n" );
document.write( "----<BR>\n" );
document.write( "P = $8264.46<BR>\n" );
document.write( "================<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
document.write( "================ </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );