document.write( "Question 870552: Find the principal needed to get $1100 in 8 years at 12% compounded monthly.
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Algebra.Com's Answer #525014 by mananth(16946) $\"\"$ $\"About$

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Principal P = x
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\n" ); document.write( "years=n 8
\n" ); document.write( "compounded 12 times a year
\n" ); document.write( "Rate = 12.00 =(0.12/12)=0.010
\n" ); document.write( "Amount = P*((n+r)/n)^n
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\n" ); document.write( "1100 = x *( 1 + r/n )^ n
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\n" ); document.write( "1100 = P ( 1 + 0.010 ) ^ 12 * 8
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\n" ); document.write( "1100 = P( 1.01000 )^ 96
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\n" ); document.write( "1100 /( 1.010 )^ 96 = P
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\n" ); document.write( "P= $423.20
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