document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=996974>Question 996974</A>: <I><SPAN STYLE=\"word-break: break-all;\"> .John decides to start saving money for a new car. He knows he can invest money into an account which will earn 6.5% APR, compounded weekly, and would like to have saved $10,000 after 5 years. <BR>\n" );
document.write( "How much money will he need to invest into the account now so that he has $10,000 after 5 years?\r<BR>\n" );
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document.write( "Determine the APY (Annual Percent Yield) for the account.<BR>\n" );
document.write( "Determine the 5-year percent change for the account.\r<BR>\n" );
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document.write( "If you could answer any of these I would be extremely grateful... I am very confused! Thanks!<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #615233 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=615233\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> John decides to start saving money for a new car. He knows he can invest money into an account which will earn 6.5% APR, compounded weekly, and would like to have saved $10,000 after 5 years. <BR>\n" );
document.write( "How much money will he need to invest into the account now so that he has $10,000 after 5 years?<BR>\n" );
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document.write( "A(t) = P(1+(r/n))^(nt)<BR>\n" );
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document.write( "10,000 = P(1+(0.065/52))^(52*5)<BR>\n" );
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document.write( "10,000 = P(1.00125)^260<BR>\n" );
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document.write( "10,000 = P*1.38375<BR>\n" );
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document.write( "P = $7226.74 (amt he must invest)<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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document.write( "Determine the APY (Annual Percent Yield) for the account.<BR>\n" );
document.write( "Determine the 5-year percent change for the account.  </SPAN>\n" );
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