document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1006201>Question 1006201</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Solve the given problem related to compound interest. <BR>\n" );
document.write( "Find the balance if $6500 is invested at an annual interest rate of 6.5%, compounded annually, after the following number of years. (Round your answers to the nearest cent.)\r<BR>\n" );
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document.write( "(a)    5 years <BR>\n" );
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document.write( "(b)    12 years<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 #622616 by </B><A HREF=/tutors/aboutme.mpl?userid=lwsshak3><B>lwsshak3(11628)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=lwsshak3><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=622616\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Solve the given problem related to compound interest. <BR>\n" );
document.write( "Find the balance if $6500 is invested at an annual interest rate of 6.5%, compounded annually, after the following number of years. (Round your answers to the nearest cent.) <BR>\n" );
document.write( "(a) 5 years <BR>\n" );
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document.write( "(b) 12 years\r<BR>\n" );
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document.write( "Compound interest  formula: A=P(1+r/n)^nt, r=interest rate, n=number of compounding periods per year, A=amt after t-years\r<BR>\n" );
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document.write( "For 5 yrs<BR>\n" );
document.write( "A=6500(1+.065/1)^1*<BR>\n" );
document.write( "A=6500(1+.065)^5=6500*1.065^5=$8905.56<BR>\n" );
document.write( "For 12 yrs<BR>\n" );
document.write( "A=6500*1.065^12=$13,839.13<BR>\n" );
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