document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=81285>Question 81285</A>: <I><SPAN STYLE=\"word-break: break-all;\"> determine the amount of an investment if 700$ is invested at an interest rate of 8% compounded monthly for 9 years </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #58229 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=58229\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> determine the amount of an investment if 700$ is invested at an interest rate of 8% compounded monthly for 9 years<BR>\n" );
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document.write( "Formula: A(t)=P(1+r/n)^(nt)<BR>\n" );
document.write( "A(9) = 700(1+0.08/12)^(12*9)<BR>\n" );
document.write( "A(9) = 700(1+0.00667)^(108)<BR>\n" );
document.write( "A(9) = 700(2.05026<BR>\n" );
document.write( "A(9) = $1435.18 <BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
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