document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1055055>Question 1055055</A>: <I><SPAN STYLE=\"word-break: break-all;\"> how much would you need to deposit in an account now in order to have $6000 in the account in 15 years?  Assume the account earns 8% simple interest.  Round your answer to the nearest cent.<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 #670328 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><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=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=670328\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> simple interest is not compounded.<BR>\n" );
document.write( "it is applied to the original amount only.\r<BR>\n" );
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document.write( "the formula for simple interest is i = p * r * n\r<BR>\n" );
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document.write( "i is the interest<BR>\n" );
document.write( "p is the principal<BR>\n" );
document.write( "i is the interest rate per time period<BR>\n" );
document.write( "n is the number of time periods\r<BR>\n" );
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document.write( "the formula for future value would be.\r<BR>\n" );
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document.write( "f = p + i\r<BR>\n" );
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document.write( "f is the future value<BR>\n" );
document.write( "p is the principal or present value<BR>\n" );
document.write( "i is the interest.\r<BR>\n" );
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document.write( "when you combine the two formulas, you get:\r<BR>\n" );
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document.write( "f = p + p * r * n\r<BR>\n" );
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document.write( "you are given that f = 6000.<BR>\n" );
document.write( "you are given that n = 15 years<BR>\n" );
document.write( "you are given that i = 8% / 100 = .08 per year.\r<BR>\n" );
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document.write( "plug those values into the formula and you get:\r<BR>\n" );
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document.write( "6000 = p + p * .08 * 15\r<BR>\n" );
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document.write( "simplify to get 6000 = p + 1.2 * p\r<BR>\n" );
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document.write( "combine like terms to get 6000 = 2.2 * p\r<BR>\n" );
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document.write( "divide both sides of this equation by 2.2 to get p = 6000 / 2.2\r<BR>\n" );
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document.write( "solve for p to get p = 2727.27 rounded to the nearest cent.\r<BR>\n" );
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document.write( "to confirm, start with 2727.27.\r<BR>\n" );
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document.write( "use the formula of f = p + p * r * n\r<BR>\n" );
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document.write( "replace with what you know to get f = 2727.27 + 2727.27 * .08 * 15\r<BR>\n" );
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document.write( "solve for f to get f = 6000 within a small number of cents.\r<BR>\n" );
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