document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1054313>Question 1054313</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Jeff's bank offers a savings account, compounded monthly, with an APR of <BR>\n" );
document.write( "2.25%.<BR>\n" );
document.write( "What principal P should be invested so that the account balance is $2500 in three years? (Assume the interest is compounded monthly. Round your answer to two decimal places.)  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #669590 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=669590\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Jeff's bank offers a savings account, compounded monthly, with an APR of <BR>\n" );
document.write( "2.25%.<BR>\n" );
document.write( "What principal P should be invested so that the account balance is $2500 in three years? <BR>\n" );
document.write( "(Assume the interest is compounded monthly. Round your answer to two decimal places.)<BR>\n" );
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document.write( "A(t) = P(1+(r/12))^(12t)<BR>\n" );
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document.write( "2500 = P(1+0.0225/12)^(36)<BR>\n" );
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document.write( "2500 = P(1.0698)<BR>\n" );
document.write( "Ans::  P = $2336.97<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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