document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=837584>Question 837584</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You put $5000 in a savings account which earns compound interest at a rate of .5% per month. If you don't make any deposits or withdrawls, how much will you have in your account in 30 years? </SPAN>\n" );
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document.write( "You put $5000 in a savings account which earns compound interest at a rate of .5% per month. If you don't make any deposits or withdrawls, how much will you have in your account in 30 years?<BR>\n" );
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document.write( "1st.) Get important information out of the question.\r<BR>\n" );
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document.write( "$5000 deposited into savings<BR>\n" );
document.write( "0.5%  interest rate: compounded per month<BR>\n" );
document.write( "30 years\r<BR>\n" );
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document.write( "2nd.) Use equation: A=P(1+r/n)^nt\r<BR>\n" );
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document.write( "P=Starting amount<BR>\n" );
document.write( "n=Number of times it's compounded<BR>\n" );
document.write( "r=(Interest)Rate<BR>\n" );
document.write( "t=Time\r<BR>\n" );
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document.write( "3rd.) Using equation from above, plug in the values you got from the problem. Change the percent into decimal form. Also n=12 since it's compounded monthly.\r<BR>\n" );
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document.write( "**Side note- I like to take care of exponents first on this type of problem since it's easy to make mistakes on this.\r<BR>\n" );
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document.write( "A=P(1+r/n)^nt<BR>\n" );
document.write( "A=$5000[1+(0.005/12)]^(12)(30)<BR>\n" );
document.write( "A=$5000[1+(0.005/12)]^360<BR>\n" );
document.write( "A=$5000[1+(0.000416667)]^360<BR>\n" );
document.write( "A=$5000[1.000416667)]^360<BR>\n" );
document.write( "A=$5000[1.161797946]<BR>\n" );
document.write( "A=$5808.989729\r<BR>\n" );
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document.write( "4th.) In 30 years you will have $5808.98 in your savings account.\r<BR>\n" );
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document.write( " </SPAN>\n" );
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