document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=850213>Question 850213</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Suppose you deposit $100 in a bank and receive 4% per year compound interest for 7 years, compounded monthly. Find the amount after 7 years. Round to the nearest dollar.<BR>\n" );
document.write( "Would the formula be be set up like<BR>\n" );
document.write( "(100*.4*7)+100\r<BR>\n" );
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document.write( " </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #512041 by </B><A HREF=/tutors/aboutme.mpl?userid=checkley79><B>checkley79(3341)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=checkley79><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=512041\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> THE FORMULA IS:<BR>\n" );
document.write( "P(1+I)^T<BR>\n" );
document.write( "100(1+.04/12)^7*12<BR>\n" );
document.write( "100(1.00333)^84<BR>\n" );
document.write( "100*1.322=132.20 ANS. </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );