document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=816923>Question 816923</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Mike deposited $500 for 9months at 8%. Compounded quarterly\r<BR>\n" );
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document.write( "A) How many times was interest added to Mike's account?\r<BR>\n" );
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document.write( "B) What percent intrest was added each time?\r<BR>\n" );
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document.write( "C) What was the balance in Mike's account at the end of one year? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #491782 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=491782\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Mike deposited $500 for 9months at 8%. Compounded quarterly <BR>\n" );
document.write( "A(t) = P(1+(r/n))^(nt)<BR>\n" );
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document.write( "A(3/4) = 500(1+(0.08/4))^(4*(3/4))<BR>\n" );
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document.write( "A) How many times was interest added to Mike's account?<BR>\n" );
document.write( "Ans: 4*(3/4) = 3<BR>\n" );
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document.write( "B) What percent intrest was added each time?<BR>\n" );
document.write( "Ans: 0.08/4 = 0.02 = 2%<BR>\n" );
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document.write( "C) What was the balance in Mike's account at the end of one year?<BR>\n" );
document.write( "A(1) = 500(1+(0.08/4))^(4*1)<BR>\n" );
document.write( "A(1) = 500(1.02)^4<BR>\n" );
document.write( "A(1) = $541.22<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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document.write( " </SPAN>\n" );
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