document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=866943>Question 866943</A>: <I><SPAN STYLE=\"word-break: break-all;\"> On Melissa's 6th birthday, she gets a $6000 CD that earns 6%intrest, compounded semiannually. If the CD matures on her 16th birthday, how much money will be available ?   ((Please explain the steps so I can follow and learn :) )) </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #522600 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=522600\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> On Melissa's 6th birthday, she gets a $6000 CD that earns 6%intrest, compounded semiannually. If the CD matures on her 16th birthday, how much money will be available ?<BR>\n" );
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document.write( "A(t) = P(1 + (r/n))^(n*t)<BR>\n" );
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document.write( "A(10) = 6000(1 + (0.06/2))^(2*10)<BR>\n" );
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document.write( "A(10) = 6000(1.03)^20<BR>\n" );
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document.write( "A(10) = 6000*1.8061<BR>\n" );
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document.write( "A(10) = $10,836.67 <BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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