document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1004873>Question 1004873</A>: <I><SPAN STYLE=\"word-break: break-all;\"> The amount of money, A, accrued at the end of n years when a certain amount, P, is invested at a<BR>\n" );
document.write( "compound annual rate, r, is given by A=P(1+r) n . If a person invests $110 in an account that pays 5% interest compounded annually, find the balance after 15 years. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #621213 by </B><A HREF=/tutors/aboutme.mpl?userid=addingup><B>addingup(3677)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=addingup><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=addingup><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=621213\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Future Value= Present Value(1+rate/number of periods)^time<BR>\n" );
document.write( "In this problem, because it's compounded annually, the number of periods is 1. Since any number divided by 1 equals the number:<BR>\n" );
document.write( "FV= 110(1+.05/1)^15= 110(1+.05)^15= 110(1.05)^15= 110(2.08)= 228.80 is your answer.  </SPAN>\n" );
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