document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1032652>Question 1032652</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A savings account at Xyz Bank offers 4% interest, compounded annually. How much money must I invest today in order for the account to grow to 5000$ in ten years? Answer to the nearest whole dollar. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #650080 by </B><A HREF=/tutors/aboutme.mpl?userid=jorel555><B>jorel555(1290)</B></A><img src=\"/images/stars/stars-12.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jorel555><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=650080\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Since it compounds annually, your annual yield is 100% + 4%, or 1.04 times your initial investment. If you want to know how much that is in ten years, then:<BR>\n" );
document.write( "I * (1.04)^10= the value of your account after ten years. So<BR>\n" );
document.write( "I*1.04^10=5000<BR>\n" );
document.write( "I=5000/1.04^10=5000/1.48=3378.38 original investment needed to have 5000 at the end of ten years!!!!!!!  </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );