document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=973955>Question 973955</A>: <I><SPAN STYLE=\"word-break: break-all;\"> How much money would you need to deposit today at 5% annual interest compounded monthly to have $20000 in the account after 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 #595992 by </B><A HREF=/tutors/aboutme.mpl?userid=Alan3354><B>Alan3354(69443)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Alan3354><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/cgi-bin/show-face.mpl?user=Alan3354><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=595992\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> How much money would you need to deposit today at 5% annual interest compounded monthly to have $20000 in the account after 9 years?<BR>\n" );
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document.write( "9 yrs = 108 months<BR>\n" );
document.write( "5% annual = (5/12)% per month = 5/1200<BR>\n" );
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document.write( "FV = PV*(1 + 5/1200)^108 = 20000<BR>\n" );
document.write( "PV = 20000/(1 + 5/1200)^108<BR>\n" );
document.write( "PV = $12,764.49 </SPAN>\n" );
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