document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=979469>Question 979469</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Molly wishes to withdraw $350 at the end of every month for 10 years. If the money earns 7% compounded monthly, how much should she deposit now? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #600747 by </B><A HREF=/tutors/aboutme.mpl?userid=Boreal><B>Boreal(15235)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Boreal><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=Boreal><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=600747\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Annuity Formula<BR>\n" );
document.write( "A=(P/r) {1- (1+r)^-t}; P= what she deposits, r=rate, divided by 12 to make it a monthly rate; 120 the number of months in 10 years.<BR>\n" );
document.write( "=[(350/(.07/12)] {1-(1+(.07/12)}^-120<BR>\n" );
document.write( "=60,000*{1-(1+.0058333)^-120); the exponent term is 0.4976, rounded<BR>\n" );
document.write( "=$29855.78, rounding at the end. </SPAN>\n" );
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