document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1000339>Question 1000339</A>: <I><SPAN STYLE=\"word-break: break-all;\"> (Annuity) An investor needs $200,000 in 10 years. If they can get 6% interest compounded monthly, how much do they need to invest every month to achieve this total? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #617866 by </B><A HREF=/tutors/aboutme.mpl?userid=Cromlix><B>Cromlix(4381)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Cromlix><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=Cromlix><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=617866\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Hi there,<BR>\n" );
document.write( "6% interest <BR>\n" );
document.write( "100% + 6% = 106%<BR>\n" );
document.write( "106% = 1.06<BR>\n" );
document.write( "10 years = 120 months<BR>\n" );
document.write( "(X is the unknown monthly figure)<BR>\n" );
document.write( "X x 1.06^120 = 200,000<BR>\n" );
document.write( "X = 200,000/1.06^120<BR>\n" );
document.write( "X = 183.80<BR>\n" );
document.write( "Sum to invest monthly = $184<BR>\n" );
document.write( "$183.80 x 1.06^120 = $200008.91<BR>\n" );
document.write( "Hope this helps :-) </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );