document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=896221>Question 896221</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Latifah opens a bank account with $800. The account accrues 6% interest compounded annually.\r<BR>\n" );
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document.write( "How much money will she have in her account at the end of 2 years, rounded to the nearest cent? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #543331 by </B><A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><B>jim_thompson5910(35256)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><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=543331\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> We'll be using the formula <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+P%2A%281%2Br%2Fn%29%5E%28n%2At%29 ALIGN=MIDDLE  ALT=\"A+=+P%2A%281%2Br%2Fn%29%5E%28n%2At%29\"   DISABLED_style= \"max-width:90%; height:auto;\" > where\r<BR>\n" );
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document.write( "A = amount in the account after t years<BR>\n" );
document.write( "P = initial deposit (principal)<BR>\n" );
document.write( "r = interest rate as a decimal<BR>\n" );
document.write( "n = compounding frequency<BR>\n" );
document.write( "t = number of years\r<BR>\n" );
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document.write( "In this case,\r<BR>\n" );
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document.write( "A = unknown (we're solving for it)<BR>\n" );
document.write( "P = 800<BR>\n" );
document.write( "r = 0.06 (6% = 6/100 = 0.06)<BR>\n" );
document.write( "n = 1 (compounded annually = compounding 1 time per year)<BR>\n" );
document.write( "t = 2 years\r<BR>\n" );
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document.write( "Plug all this info into the formula to get...\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+P%2A%281%2Br%2Fn%29%5E%28n%2At%29 ALIGN=MIDDLE  ALT=\"A+=+P%2A%281%2Br%2Fn%29%5E%28n%2At%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+800%2A%281%2B0.06%2F1%29%5E%281%2A2%29 ALIGN=MIDDLE  ALT=\"A+=+800%2A%281%2B0.06%2F1%29%5E%281%2A2%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+800%2A%281%2B0.06%29%5E%281%2A2%29 ALIGN=MIDDLE  ALT=\"A+=+800%2A%281%2B0.06%29%5E%281%2A2%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+800%2A%281.06%29%5E%281%2A2%29 ALIGN=MIDDLE  ALT=\"A+=+800%2A%281.06%29%5E%281%2A2%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+800%2A%281.06%29%5E%282%29 ALIGN=MIDDLE  ALT=\"A+=+800%2A%281.06%29%5E%282%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+800%2A%281.1236%29 ALIGN=MIDDLE  ALT=\"A+=+800%2A%281.1236%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+898.88 ALIGN=MIDDLE  ALT=\"A+=+898.88\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "She will have <font color=\"red\">$898.88</font> in the account at the end of the two years.\r<BR>\n" );
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document.write( "Side Note: She has earned A - P = 898.88 - 800 = $98.88 in interest alone. </SPAN>\n" );
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