document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1014163>Question 1014163</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You know that you will need $30,000 for a down payment on a house in 10 years. If your account earns 6% compounded monthly, how much would you need to deposit now to reach your goal?\r<BR>\n" );
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document.write( "Round your answer to the nearest cent. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #630513 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=630513\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> You know that you will need $30,000 for a down payment on a house in 10 years. If your account earns 6% compounded monthly, how much would you need to deposit now to reach your goal? <BR>\n" );
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document.write( "A(t) = P*(1+(r/n))^(nt)<BR>\n" );
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document.write( "30,000 = P*(1+0.06/12)^(12*10)<BR>\n" );
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document.write( "30,000 = P(1.005)^120<BR>\n" );
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document.write( "30,000 = P(1.8194)<BR>\n" );
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document.write( "P = $16,488.98<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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